Saudi Reinsurance Company (Saudi Re) announces to its shareholders the opening of the nomination for membership of the Board of Directors of the company for the next three-year period beginning on 21/10/1444 H corresponding to 11/05/2023 and ending on 23/11/1447 H corresponding to 10/05/2026.

Type of Assembly:     

Term Start Date:        

Term End Date          

Number of members

Application Start Date:

Application End Date:

Applications Submission Method:

• By hand at Saudi Re’s HQ at the following address:

 4130 North Ring Rd, Al Wadi Dist, Riyadh 13313 – 6684, Kingdom Of Saudi Arabia.

2- Via email at: Nomination@saudi-re.com

For any further questions or inquiries, please contact the Investor Relations Department at:

- Phone: +966-11-510-2000 Ext 181

Nomination Criteria and Conditions:

1. Each shareholder shall be entitled to nominate his / herself to the membership of the Board.
2. The candidate has the necessary scientific and practical experience, especially in leading a listed company and specializing in insurance and reinsurance or in the investment sector, in addition to honesty, integrity, sincerity and administrative skills that contribute to strengthening the leadership role of the company.
3. The candidate should not be a member of the board of directors of more than five joint-stock companies listed in the Saudi market
4. The candidate should not have been previously convicted by a judicial ruling or a crime involving moral turpitude or dishonesty.
5. The candidate should not be insolvent or bankrupt.
6. The candidate should not be a member of the board of directors or a member of a sub-committee or hold a leadership position in another Saudi insurance and/or reinsurance company
7. The candidate should not conduct a violation in the financial markets or business
8. The candidate should have scientific and practical experience.
9. The candidate must comply with the provisions of the applicable laws, regulations and instructions.
10. The candidate is committed to allocating enough and appropriate time to carry out his specialization and duties towards membership.
11. The candidate has independence and the ability to make decisions.
12. The nominee has no conflict of interests..
13. Integration of the candidate's experiences with the experiences of the rest of the council members.
14. If his candidacy conflicts with the availability of the minimum number of independent members determined by the laws and regulations.

Nomination Requirements:

All forms must be filled in both (PDF-WORD) in order to comply with the statutory requirements, knowing that any application for candidacy that does not complete the following requirements will be excluded:

1. Completing and signing the nomination form in Arabic and English by the candidate and filling the attached tables, taking into account the periods and times stipulated in the company's announcement, regulations, regulations, circulars and related decisions.
2. Fill the fit and proper application form in Arabic or English in both Word & PDF format
3. Fill out Disclosure Form No. (3) in Arabic or English in both Word & PDF format

• The required forms can be obtained in Word & PDF format through the following link:

https://saudire.net/investors/governance

4. Attaching the Resume, qualifications, previous and current experience in both Arabic and English.
5. Attach a clear copy of the ID (Passport, National ID, GCC ID, Resident ID), contact information of the candidate, proof of address / national address and e-mail address.
6. A statement of the companies or institutions in which the candidate participates in the management or ownership of the company and conducts business similar to insurance or Re-insurance business or has contracts or common interests with the company in Arabic and English.
7. If the candidate is elected to the Board of Directors, the candidate shall submit the required disclosures in accordance with that the Conflicts Interests Policy of the members of the Board of Directors and the members of the Board Committees.
8. In the case of the interests of the candidate or the representative directly or indirectly with the company, he must provide a detailed statement in addition to any information related to any contract to which the company is a party and the candidate has a fundamental interest or any person related to him or if he participates in an action that would compete with the company in its works.

Saudi Reinsurance Company “Saudi Re” announced obtaining 'A-' long-term issuer credit and insurer financial strength rating and 'gcAAA' regional scale rating from S&P Global Ratings, with a stable outlook.

S&P highlighted 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. In its report published on 16 December 2022, S&P mentioned that 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.

According to S&P, the planned capital increase through a rights issue in early 2023 will further support Saudi Re’s growth plans, and that stable outlook reflects that Saudi Re will maintain excellent capital adequacy and continue to profitably expand and diversify its business over the next two years.

Furthermore, S&P views the governance practices at Saudi Re as effective and appropriate, and also regards the consistency in strategy and management's expertise and experience as a benefit to the company.

Commenting on the A- rating, Fahad Al-Hesni, Managing Director and CEO of Saudi Re, said “the rating comes as a recognition of Saudi Re progress and will strengthen our competitive position as it unlocks new growth opportunities in the global markets”. Al-Hesni further noted that the strong rating is one of the main requirements for dealing with reinsurers to ensure their financial ability, and that the two A level ratings, A3 from Moody’s and now A- from S&P, further reinforces the confidence of our clients, shareholder, regulators and all stakeholders in Saudi Re and its future.

Al-Hesni also emphasized that credit rating important role in the insurance sector as it reflects the level of solvency and creditworthiness of reinsurers and their ability to pay claims and to meet obligations toward customers and creditors. Credit rating also supports investors’ decisions by assessing the company’s financial performance and strategic approach, as well as risk management, and governance.

Saudi Reinsurance Company “Saudi Re” announced its financial results for the first half of the current financial year 2022 with improved operating results by 8 percent compared to the previous year registering SR 24 million

The Company recorded gross written premium (GWP) of SR 920 million riyals compared with SR 955 million in the similar period of the previous year. This was propelled by a staggering growth in the second quarter with a rate of 166 percent recording a GWP of SR 321 million. 

The systemic volatility caused by increase interest rates and foreign currency fluctuations, affected the bottom line and resulted in a decline in net profit before zakat by 62 percent recording SR 14 million for the first half of 2022. 

Commenting on the first half results, Saudi Re MD & CEO, Fahad Al-Hesni noted that Saudi Re has maintained a well-balanced underwriting portfolio with 52 percent international business, while keeping focus on risk selection which reflected positively on the underwriting performance. He further highlighted the strong growth of Saudi Re’s recent product, the inherent defects insurance (IDI), and recorded GWP of SR 223 million which indicates positive prospects for growth given that Saudi Re holds the privilege to exclusively reinsure the mandatory IDI program. 

The Kingdom’s sole reinsurer received the Central Bank’s approval to increase capital to SR 1.336 billion through right issue offering for the purpose of strengthening the company’s capital base and supporting future expansion initiatives domestically and internationally as part of its Strategy Toward 2026.  

Furthermore, Saudi Re maintained a strong  financial position with a A3 financial strength rating by Moody’s. Total equity increased by end of first half to SR 968 million compared with SR 957 in the previous year, while technical reserves were further strengthened to reach SR 1.6 billion and total assets exceeded SR 3.7 billion by end if the first half. 

Saudi Re operates in more than 40 countries across the Middle East, Asia, Africa and Lloyd’s market in the UK, and specializes in life and non-life treaty and facultative reinsurance solutions.