Press Release

Saudi Re announces board Recommendation to increase capital by offering rights issue

Saudi Reinsurance Company (Saudi Re), listed on the Saudi Exchange (Tadawul), announced on April 6, 2022 that the board of directors recommended increasing the company’s capital by 50% through a rights issue.

The SR 445.5 million rights issue will increase the capital from SR 891 million to SR 1.336 billion. Accordingly, the number of shares will increase from 89.1 million to 133.65 million. 

The move aims to strengthen Saudi Re’s capital base and support its future expansion activities.

 The capital increase is subject to the approval of the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and other regulatory authorities, in addition to its extraordinary general meeting.

 Furthermore, the company will announce the appointment of a financial advisor and submission of the capital increase application file in due course.

 In 2021, Saudi Re successfully completed a capital increase to SR 891 million from SR 810 million by capitalizing SR 81 million from retained earnings. The capital increase was done through a 1-for-10 bonus share distribution.

 “Saudi Re has attained a annual compound growth rate of 19% over the past three years, as we expand our activities across more than 40 markets in the Middle East, Asia and Lloyd’s Market in the United Kingdom and Africa,” commented Fahad Al-Hesni, Managing Director and Chief Executive Officer, Saudi Re.

 “Our Gross Written Premium (GWP) increased scale by 19.3% to SR 1.1 billion in 2021, marking the highest premium level achieved in the history of Saudi Re and reinforcing our status among the top-ranked Middle Eastern reinsurers,” he said.

 Saudi Re has developed its strategy towards 2026, which focuses on solidifying its presence in its home market, as well as diversifying in international markets.

 “In line with our long-term strategy towards 2026, we have set out with an ambition to evolve and diversify as a company that can reliably serve the risk and growing reinsurance needs of the Kingdom, aiming to become among the top 50 global reinsurers,” stated Al-Hesni.

 Despite challenging market conditions, Saudi Re maintained its track record of profitability in 2021 by registering a net profit of SR 38.3 million, resulting in a 4.4% growth in total shareholders’ equity to SR 964 million by the end of 2021.

 Saudi Re has maintained its Insurance Financial Strength Rating (IFSR) at “A3” with a stable outlook from Moody’s Investors Service (Moody's), reflecting industry expectations for the company to maintain profitability, capital adequacy, adequate level of reserves and strong asset quality demonstrated by its investment portfolio.


Saudi Reinsurance Company “Saudi Re” invites its shareholders to attend the General Assembly Meeting (First Meeting) by means of modern technology

The Board of Directors of the Saudi Reinsurance Company "Saudi Re" is pleased to invite the honorable shareholders to attend the General Assembly meeting which will be held virtually through the modern technology means via ( link , scheduled 18:30 on Thursday 23/07/1443H corresponding to 24/02/2022, in line with the preventive and precautionary efforts and measures taken by all Government Agencies in the Kingdom of Saudi Arabia to address the new Coronavirus (COVID-19).
City and Location of the General Assembly's Meeting:
Kingdome of Saudi Arabia - Riyadh City - Company’s Head Office – Via Modern Technology Means
Link to the venue of the meeting:

Electronic voting
Shareholders registered in "Tadawulaty" services can vote on the items of the General Assembly starting from 10 a.m. on Sunday 19/07/1443H corresponding to 20/02/2022 until the end of the General Assembly, and registration and voting on Tadawulaty will be available and free for all shareholders using the following link:

Date of the General Assembly's Meeting:
23/07/1443H corresponding to 24/02/2022

Time of the General Assembly's Meeting:

Attendance and voting Eligibility:
Shareholders Registered in the Issuer’s Shareholders Registry in the Depository Centre at the End of the Trading Session Preceding the General Assembly’s Meeting as per Laws and Regulations.

Quorum for Convening the General Assembly's Meeting:
In order for this assembly to be valid, a number of shareholders representing 25% of the capital is required. If this quorum is not available at the first meeting, a second meeting will be held One hour after the end of the first meeting period. The second meeting shall be valid irrespective of the number of shares represented therein.

Method of Communication:
For inquiries, please contact the Investors relations department on +966 11 510 2000 ext. 181
Also you can direct your inquiries to the email of the Investor relations Department on:

General Assembly Meeting Agenda:
Vote on the appointment of the company’s auditors from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the financial statements for the second, third, and annual of the fiscal year 2022 and the first quarter of 2023, and determine their fees.

Saudi Re wins ‘Reinsurance Company of the Year’ award at Middle East Insurance Industry Awards 2021


Saudi Reinsurance Company (Saudi Re) bagged the “Reinsurance Company of Year” Award at the prestigious 8th Middle East Insurance Industry Awards 2021 held virtually in Dubai.


“Saudi Re is delighted to win the ‘Reinsurance Company of Year’ award, which recognizes the evolution of Saudi Re and reflects our client centric approach, commitment to market development and efforts to promote sustainable practices.” Said Fahad Al-Hesni, MD & CEO


The judging panel noted that despite the unprecedented market challenges caused by the COVID-19 pandemic, Saudi Re succeeded in sustaining its growth momentum in 2020.


Gross written premium (GWP) grew 18% to SAR 935 million, driven by 25% growth in the international markets and 8% in the domestic market. In addition, the efforts exerted during 2020 resulted in a growth rate of 58% in Q1 2021.


Furthermore, in line with its strategy to develop international business, Saudi Re successfully built strong relationships with clients and brokers outside its home market, projecting an image of a leading and reliable Middle Eastern reinsurer. 


In 2020, Saudi Re’s international business grew to represent 63% of the overall portfolio, with an increasing presence in more than 40 countries across Asia, Middle East, Africa and Lloyd’s market.


Saudi Re is the first Middle Eastern reinsurer to publish a sustainability report, developed in line with national and international strategic visions and objectives such as the Kingdom’s Vision 2030


The Middle East Insurance Awards are assessed by a distinguished judging panel comprising of 25 industry leaders representing regulatory bodies, rating agencies, insurance federations, and prominent industry leaders. The results were also independently audited by a Big Four audit firm. 


The award is granted to companies demonstrating leadership in Mena’s general reinsurance industry through innovation in product offerings, thought leadership, enhancing stability and security of the industry while boosting the image of the profession. 

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