• Annual Report 2021

العربية | ENGLISH


About Saudi Re


To evolve into a large and diversified reinsurer contributing to the growth of our economy and be ranked among the Top 50 global reinsurers.

Saudi Re was established and listed at the Saudi Exchange in 2008 as the first and only specialized licensed reinsurance company in the Kingdom.

Saudi Re operates under the supervision of the Saudi Central Bank (SAMA), taking advantage of being based in a G20 economy which has one of the world’s fastest growing insurance markets. Saudi Re has a paid up capital of SR 891 million (USD 237.6 million) and is rated A3 with a stable outlook by the credit rating agency Moody’s and AA+ by its Saudi equivalent, Tassnief. Being the only specialized reinsurer in the Kingdom provides a competitive advantage for Saudi Re, which offers opportunities for growth and development. Saudi Re has capitalized on this domestic advantage in building a strong entity, which has served as a stepping stone for expansion to global markets. We took the first step in international operations, with expansion into the MENA region in 2010. Another milestone was reached in 2014, when the first branch outside Saudi Arabia was opened in Malaysia. Today, the Company’s operations have a wide geographical spread, encompassing the Middle East, UK, Africa, and Asia. The international business accounts for over 57% of the overall portfolio. Saudi Re is a full-fledged reinsurance company that specializes in facultative and treaty reinsurance solutions in the classes of property, engineering, liability, marine, motor, life, and health.

Saudi Re strives to contribute to Saudi Arabia’s Vision 2030 by being aligned with the goals of expanding the non-oil sector and non-oil exports. The Company also contributes to the economy, by maximizing the local content of reinsurance and retaining the reinsurance premiums within the Kingdom, as well as its role in the financial services export.

The Company has built strong client relations through both direct and broker channels. The client relationships are prudently managed by market-based underwriting teams. The client servicing is enhanced by a sound technological, analytical and communication infrastructure. Our underwriting expertise enables sound assessment of risks. This is built on by our strong analytical actuarial skills, leading to judicious pricing. Saudi Re has also built strong relationships with retrocession reinsurers to minimize risk. Such protection becomes especially important in the eventuality of catastrophic events.

Like practically all industries, the COVID-19 pandemic was a major challenge for the reinsurance industry. But Saudi Re not only smoothly continued its operations through the pandemic, but even grew its business, both locally and internationally. This growth, in the face of an economic downturn, speaks volumes about the resilience of our business operations.

In formulating our strategies and policies, we look beyond the bottom line. We follow a sustainability framework that is based on international practices and is focused on incorporating ESG criteria into reinsurance practices. We are also a Sharia-compliant company, which ensures that sustainability is factored into our investment decisions. Saudi Re has also incorporated sustainability into its supply chain practices, by ensuring its procurement processes are prudently formulated and executed.

Having weathered the storms of the COVID-19 pandemic, we are assured of the robustness of our business model, strategies and operations. We look forward to continued growth in the years to come, where we will also make a growing contribution to the Saudi economy, society, and the goals of Vision 2030.