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Corporate Profile

  • Saudi Reinsurance Company "Saudi Re" is a Saudi joint stock company, founded in Riyadh in 2008 as the first reinsurance company established in Saudi Arabia.
  • Publicly Joint Stock Company Listed on the Saudi Exchange Market.
  • Cooperative full-fledged reinsurer.
  • The first reinsurance company licensed by the Saudi Arabian Monetary Agency (SAMA)
  • Offer facultative and treaty solutions both on a proportional and non-proportional basis.
  • Strong underwriting expertise in Engineering, Property, Marine, Casualty, Motor, Retro, and Life & Medical.
  • Paid up Capital SR 810 Million (USD 216Million).
  • BBB+ (Stable) rating by Standard & Poor’s.
  • gcAA+ Gulf Cooperation Council (GCC) regional scale rating with a Stable outlook by Standard & Poor’s.

Vision

  • To build a reinsurance company for the middle East/North Africa region that is both innovative and superior technically and that will become a regional leader.
  • To leverage its strong regional platform and influence to expand on a global scale in markets where profitable opportunities are identified.
  • To develop a financially strong company for the benefit of its shareholders and clients, achieving a superior rating.
  • To create a professional and constantly learning organization that will provide a real regional alternative to the global players.

Value Proposition

Strong Financial Position

  • Capital of SAR 810 Million, four times the minimum capital required by the Regulations.
  • Highest capitalized reinsurer in the GCC region.
  • Rated BBB+ with a "Stable" outlook and gcAA+ by S&P which is attributed to its Strong capitalization, strong balance-sheet factors (investments, liquidity, reserves, and capitalization) and competitive advantage as the only domestic reinsurer in Saudi Arabia.

Local Knowledge with Global Reach

  • The first reinsurance company based in Saudi Arabia with a deep understanding of the culture and risk profile.
  • Close proximity to regional businesses and long term commitment to the region.

Client-focused approach

  • Saudi Re aims to grow along with its clients devoting its capabilities and expertise to serve the growth ambitions of its valued clients and enable their progress.
  • Comprehensive Customer Relationship Management infrastructure that enables high responsiveness to our clients' requirements. Clients are our most important asset and we invest in keeping continuously awareness of their expectations and help them achieve their aspirations and overcome the challenges.
  • Our business model is based on involving our underwriters and risk experts in interfacing and collaborating with clients and business partners which provides direct access to decision makers.

Experienced and Talented Team

  • Highly qualified employees with experience gained from working with major international players.
  • Ability to underwrite diverse and complex risks.

Rating

Standard and Poor's BBB+ (stable)

Since its first year of operation Saudi Re maintained the rating of BBB+ from S&P. The strengths highlighted by S&P included:

  • Strong capitalization (capital of SAR 810 million, USD 216 million) relative to gross written premium.
  • Balance-sheet factors (investments, liquidity, reserves, and capitalization) expected to remain strong in the long term.
  • Competitive advantages as the only domestic reinsurer in the Kingdom of Saudi Arabia.      

Standard & Poor’s “gcAA+” (stable)

Gulf Cooperation Council (GCC) regional scale rating with a Stable outlook.

Our Markets

Saudi Re has a diversified portfolio of facultative and treaty proportional and non-proportional business serving clients in more than 40 countries. We aim to develop and grow alongside our clients through building strong and sustainable relationships. Our underwriters travel around various markets to meet and interact with clients to develop better insights into their requirements.

Saudi Arabia

Being the only homegrown reinsurer, Saudi Re is fully committed towards clients and the market as a whole. Saudi Re enjoys professional relationships with almost all active insurance companies in Saudi Arabia. Saudi Re is exempt from withholding tax which is an advantage when dealing with a domestic reinsurer. Also, the close proximity and specific knowledge in the local risk profile are key factors which make Saudi Re a reinsurer of choice.

Mena

Saudi Re has always demonstrated commitment to serving the region. As one of the highest capitalized reinsurer in the Gulf region (Paid-up capital of SAR 810 Million, USD 216 Million), Saudi Re is very well positioned to offer first class security in treaty and facultative in both proportional and non-proportional businesses.

Emerging Markets

Saudi Re writes business in selected markets in Asia and Africa and has developed a range of reinsurance solutions which cater for the conventional and the Takaful and Re-takaful industry. Saudi Re delivers its services directly or through its network of approved brokerage firms. in India, Indonesia, Malaysia, Pakistan, Singapore, South Korea, Turkey and other countries.

Facts and Figures

  • Ratings: S&P BBB+/Stable
  • Ratings: S&P gcAA+/ Stable
  • Paid Up Capital: SAR 810 Million
  • Total Assets 2017: SAR 2 Billion
  • Gross Written Premium for 2017: SAR 942 Million

Board of Directors

Mr. Hesham Al-Sheikh

Chairman of The Board

Mr. Mishari Al-Hussain

Vice-Chairman of The Board

Mr. Mohammed AlOtaibi

Member of The Board

Mr. Ahmad Al-Sabbagh

Member of The Board

Mr. Jean-Luc Gourgeon

Member of The Board

Mr. Ismail Mahbob

Member of The Board

Mr. Mansour Al-Busaily

Member of The Board

Mr. Hammam Badr

Member of The Board

Mr. Fahad Al-Hesni

Managing Director - CEO

Management

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Fahad Al-Hesni

Managing Director-Chief Exective Officer

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Nilmin Pieries

Chief Financial officer

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Momen Mukhtar

Chief Underwriting Officer

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Ahmed Al - Jabr

Chief Operating Officer

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Hashim Taha Mohammed

Chief legel Affaris & Claims Officer

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Ahmed Al -Qarishi

Chief Risk Officer / Chief Actuary

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Mamraj Chahar

Chief Investment Officer

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Souvik Goswami

Head-Non-Life Underwriting, Non-Life Underwriting

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Osama Shareeda

Facultative Underwriting Director - Engineering and Energy

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Raja Arif Ulah Khan

Facultative Underwriting Director - Property, Marine & Casualty

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Kim Hog Liu

Director - Asia Region

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Salman Al-Fawzan

Treaty Underwriting Manager - GCC & LEVANT

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Umair Malik

Life & Medical Underwriting Manager

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Noorjihan Mohammed

Treaty Manager - Asia Region

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Isa Ali

Chief Technology Officer

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Gohar Shahab

Finance & Technical Accounting Manager

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Fadwa Al-Juraiban

Manager - HR & Admin