Broker Price Forbes has announced it is to enter a strategic partnership to drive greater access to the Middle East and North African (MENA) energy, markets.

Price Forbes will partner MENA specialist reinsurance broker Chedid Re in what has been described as an “association agreement” for the insurance and reinsurance placement of upstream and downstream hydrocarbon ‘Energy’ business.

Founded in 1998, Chedid Re now operates four regional offices in Beirut, Dubai, Limassol and Riyadh. It has a portfolio of over 170 insurance companies in the Middle East, Africa and Europe for which it paces reinsurance solutions.

In a joint statement the two firms said the association agreement “indicates that both Chedid Re and Price Forbes & Partners will utilise each other’s services in respect of risk management and brokerage of Energy business emanating from the Middle East North Africa (MENA) region”.

"We are delighted by the strategic alliance we have with one of the leading oil and gas brokers at Lloyd's", said Farid Chedid, Chairman of Chedid Re. "The sharing of expertise between our companies will further reinforce the leading positions Price Forbes & Partners and Chedid Re enjoy in the MENA region and beyond. Chedid Re will extend Price Forbes & Partners' global network and service its international clients operating in the region".

Michael Donegan CEO of Price Forbes and Partners added: “Price Forbes is extremely pleased to have entered into this association with Chedid Re forMENA regional energy business. We believe that the combination of Chedid’s regional development and expertise combined with the Price Forbes brand and technical energy capability will be a strong combination for the benefits of clients within MENA and beyond.”