Saudi Re and Damanat Sign Memorandum of Understanding to Strengthen Reinsurance Collaboration

Saudi Reinsurance Company “Saudi Re” Announces that Moody’s has affirmed its rating at A3 Insurance Financial Strength Rating (IFSR) with a positive outlook. The financial rating of Saudi Re reflects its: 1- Strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer as well as a growing presence in its target markets of the Middle East, Asia and Africa. 2- Preferential position in Saudi market due to a right of first refusal on a portion of premiums ceded by primary carriers in the Saudi market 3- Strong asset quality exemplified by its conservative investment portfolio. 4- Good capital adequacy, both in terms of capital levels and limited exposure to natural catastrophe risk. 5- Strong financial flexibility with non-existent leverage and good access to capital markets in Saudi Arabia given its listing on the Saudi stock exchange, and broad investor base. The positive outlook reflects Moody’s expectation that Saudi Re’s business and financial profiles are likely to improve materially over the next 12-18 months accompanied by increased capital and supported by a favorable operating environment and government initiatives to support growth of the local insurance industry. In addition, a strategic equity subscription agreement with the Public Investment Fund will further strengthen Saudi Re’s business and financial profile and support its plans to grow both locally and internationally.

“Saudi Re” announces that it has received on Sunday 15/11/1444 H corresponding to 04/06/2023 the Saudi Central Bank’s no-objection, via e-mail, to appoint the Chairman and Vice-chairman of the Board of Directors for the term of the Board of Directors that began on 11/05/2023 and ends on 10/05/2026 according to the following: First: Appointment of Mr. Abdulltaif Al Fouzan as Chairman of the Board of Directors. Second: Appointment of Mr. Turki Al Sudairy as Vice-Chairman of the Board of Directors.

“ Saudi Re ‘’ organizes a seminar for its clients titled: “ Developing Life Insurance in KSA “ on May 22^nd 2013, which will be held at the Four Seasons Hotel, Riyadh.  

“ Saudi Re ‘’ organizes a seminar for its clients titled: “ Developing Life Insurance in KSA “ on May 22^nd 2013, which will be held at the Four Seasons Hotel, Riyadh.  

“ Saudi Re ‘’ organizes a seminar for its clients titled: “ Developing Life Insurance in KSA “ on May 22nd 2013, which will be held at the Four Seasons Hotel, Riyadh.   The seminar provides an overview on the life insurance market in the Kingdom and discusses development opportunities. The seminar focuses on the saving and protection sector and the opportunities for developing insurance offerings in the Kingdom. The main topics of seminar include growth potential in Saudi life insurance and development opportunities.  Life_Seminar

Recognizing the significance of the Egyptian and North African insurance market, Saudi Re is participating for the second time as a main sponsor of the second Sharm El-Sheikh Insurance and Reinsurance Rendezvous which will be held in Sharm El-Sheikh from November 11 to 13, 2019.

 Sharm Rendezvous is expected to be attended by nearly 1000 participants from the regional and international insurance and reinsurance market. The Rendezvous will discuss four important axes: -The impact of regulation today and in the future; Profitability in non-life insurance: mind the gap; Climate Risk and Natural Catastrophes and Brokers as Partners – The Key attributes to succeed in sustainable, innovative and competitive environment.