ACE was founded in 1952 by a Saudi Business man in Al-Khobar, Saudi Arabia as a General Trading Company with an Insurance Agency. In subsequent years ACE became a representative to several international insurance companies that wanted to have presence in the kingdom of Saudi Arabia.
In the early 60s ACE shifted its head office from Al-Khobar to Beirut, Lebanon to establish a regional company operating throughout the GCC and Middle East. In 1960 ACE Beirut was established. To Further the shareholders vision, ACE continued to grow as follows;
ACE Kuwait was established in 1962, ACE Liberia in 1966, ACE Abu Dhabi in 1969 and ACE Bahrain in 1972.
In 1973, due to the civil war in Beirut, a coordination office was set up in Athens, Greece to enable the Group to continue running its operations. The Athens office eventually became the group’s head office.
In 1974 ACE formed a partnership with the Sedgwick’s group. This greatly enhanced ACE’s capabilities and gave it greater access to the international markets ACE continued to expand into new territories; ACE Qatar was established in 1974, IBS USA in 1974, ACE Hellas in 1978, ACE Europe in 1982, ACE Dubai in 1992 and ACE Insurance Brokers SARL in 2005.
With the introduction of the insurance laws in the kingdom of Saudi Arabia, ACE applied for broking and consultancy licenses and secured same in August 2009.
In 2008 ACE formed a partnership with Jardine Lloyd Thompson, the 6th largest broker in the world.
In August 2010 ACE Bahrain was licensed and mid 2012 ACE Oman was licensed.
In 2012 ACE celebrated its 60th anniversary as the largest privately owned insurance and reinsurance broking organization in the region...