JEDDAH – Charles Taylor has acquired a majority stake in the Noble Inspection and Loss Adjustment Company in a bid to develop its Middle East footprint. The acquisition will provide Charles Taylor Adjusting with a presence in Riyadh and Jeddah in Saudi Arabia, and builds on the group's existing capabilities in the United Arab Emirates and Qatar. Following the deal, the NILACO will be renamed Charles Taylor Adjusting (Saudi Arabia) and will be led and managed by John Chambers, Charles Taylor Adjusting's regional manager for the Middle East, who has relocated to Riyadh. NILACO's founder, Nasser Al Bousseyes, joins Charles Taylor Adjusting as a director of Saudi Arabian operations. Charles Taylor Adjusting (Saudi Arabia) will focus on Saudi Arabia's engineering, property, utilities and power/energy sectors, which are reinsured into London and other international markets. Joe McMahon, chairman of Charles Taylor Adjusting, said: "There is a growing demand in Saudi Arabia for greater access to international loss adjusting capabilities. "We already have a strong presence in the Middle East through our multi-line loss adjusting offices in Dubai and Doha and we see significant further growth opportunities across the Middle East. "This strategic move gives us a full adjusting license together with an established business presence in Saudi Arabia. "We are looking forward to working closely with international reinsurers and local markets to deliver high levels of technical and professional service on large and complex adjusting cases in Saudi Arabia." Chambers said that Saudi Arabia is the largest Middle East market, with vast resources and major infrastructure development. Al Bousseyes added: "We wanted to build our business by becoming part of a larger international group and chose Charles Taylor because of the company's outstanding reputation for professionalism, technical expertise and international reach. "The Saudi Arabian market offers a tremendous opportunity to build a significant regional loss adjusting operation, and there is a real demand from the insurance market for greater access to the professionalism and dynamism offered by Charles Taylor Adjusting. "I look forward to working with my new colleagues to build a significant loss adjusting business in the Middle East." – SG
