We obtained our Frist  Insurance Financial Strength Rating BBB+  with a stable outlook  from Standard and Poor's S&P

We took the first step in international operations, with expansion into the MENA region in 2010

Set a new direction post start up geared towards strengthening technical and human capabilities

In order to service more markets, we furthered our international operations by expanding to Asia in 2012.

Strengthened the technical reserves to cope with the expansion plans

Another milestone was reached in 2014, when the first branch outside Saudi Arabia was opened in Malaysia

2015 marks our first participations in the Lloyd’s market as a third party capital provider

For the first time since our foundation, Saudi Re gross written premium reached its highest record of 1 billion SAR, which is a testament to our financial growth. 

As part of our strategy to diversify our operation and to expand its business and investments in the global insurance and reinsurance market particularly the Lloyd’s market in the United Kingdom, Saudi Re acquired 49.9% of the shares of Probitas Holdings (Bermuda) Limited which invests in Probitas Syndicate 1492,a syndicate at Lloyd’s of London specialising in property, construction and casualty (re)insurance solutions. 

Moody’s in 2018 assigned Saudi Re with its highest insurance financial strength rating of A3, which carries a stable outlook. The Rating Saudi Re strong market position and brand in Saudi Arabia as the sole Saudi professional reinsurer, as well as its growing presence in the target markets of Asia, Africa and Lloyd's. It also reflects its strong asset quality exemplified by its conservative investment portfolio, in addition to its good capital adequacy and strong financial flexibility.

In 2019, our international business represented nearly 60% of the overall portfolio sourced from more than forty markets, giving a good example of the level of diversification and balance in Saudi Re portfolio.

Saudi Re singed an exclusive reinsurance contract with Malath Insurance Company, on behalf of the Saudi insurance industry, to provide reinsurance coverage on the Inherent Defects Coinsurance Program. With this arrangement, the sole Saudi reinsurer will act as the exclusive reinsurer for the Saudi Arabian Inherent Defects Coinsurance Program for five years.

As part of strengthening Saudi Re's capital base and supporting the expansion plans in the domestic and international markets, the capital increase aligns with Saudi Re's effort to generate better returns and create greater shareholder value. We increased the company capital to SAR 891 million from SAR 810 million and converted SAR 81 million of retained earnings into capital through this 1-for-10 bonus share distribution. 

S&P noted that Saudi Re has continued to strengthen its competitive position via profitable business growth and diversification in recent years, thanks to local and international expansion. At the same time, Saudi Re›s exposure to catastrophe and other large risks is relatively modest and the company maintains capital adequacy above the "AAA" level in S&P’s model.