Press Release
Saudi Re Receives AA+ Insurance Financial Strength Rating (IFSR) From SIMAH's Credit Rating Agency (Tassnief) with stable outlook
According to the rating issued on on 26 Sep. 2018, the AA+ Rating of Saudi Re reflects its strong financial profile supported by its strong equity base and debt-free capital structure. It also incorporates the strength of the business profile having a well-established franchise in the key targeted markets that the company operates in, as well as the improved level of diversification for the international business, and the entry into the Lloyd’s market and a well diversified GPW mix among the major lines of business. Furthermore, the report noted the sound governance framework, conservative investment policy, improved underwriting procedures and risk management techniques which resulted in an improvement in technical performance of the Saudi Re.
Saudi Re receives approvals from SAMA and Lloyd’s to proceed with Probitas Holdings (Bermuda) Deal
Saudi Re is pleased to announce receiving the required approvals from the Saudi Arabian Monetary Authority (SAMA) and also from Lloyd’s of London to proceed with the deal to purchase 49.9% of the ordinary shares of Probitas Holdings (Bermuda) Limited (PHBL).
Saudi Re completes the acquisition transaction of PHBL
Saudi Re is pleased to announce the completion of transaction and the consequent acquisition of 49.9% of the ordinary shares of PHBL.