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.

The Saudi Reinsurance Company (Saudi Re) announced the appointment of the Bahrain Institute for Banking and  Finance (BIBF) to lead the development of the Future Leaders Programme 2023 launched by Saudi Re, to train and employ Saudi graduates with a BA or MA degrees. The programme aims to empower graduates to become among the next generation of leaders in the insurance and reinsurance industry. The programme that runs over the course of a year, offers a rich learning experience led by experts in the insurance sector, with a focus on building a solid foundation of technical knowledge and business skills. The programme is designed to suit bachelor’s and master’s degrees graduates in various disciplines including insurance, actuarial science, risk management, accounting, financial management, engineering, information technology, and law. The Manager of Human Resources and Administration at Saudi Re, Mona Al-Jehani, said: “We aspire to build a strong national talent base that contributes to creating a promising future for the insurance and reinsurance sector through the Future Leaders Programme, which helps trainees to acquire specialised technical knowledge and professional certificates, in addition to developing their practical skills through on-the-job training.” Mona Al Jehani also added: “We build on previous successes with the BIBF to lead the programme and apply the highest level of specialised training competencies in the field of insurance and reinsurance. Manal Mashkoor, Head of the Insurance Centre at the Bahrain Institute of Banking and Finance (BIBF), welcomed this new collaboration with «Saudi Re», saying: “We are pleased to continue our partnership with «Saudi Re» in developing the future human capital of Saudi Re and the Saudi insurance market at large which is achieved through scientific assessment and selection of candidates and provision of international training combined with local best practices. The BIBF is proud to be part of Saudi Re journey into moving from a regional to an international reinsurer. The training programme is designed to strike the right balance between developing technically sound practitioners and giving adequate attention to the equally important interpersonal competencies and skills.”

Saudi Reinsurance Company (Saudi Re) announced that Moody’s Investors Service, a global credit rating agency, has affirmed its A3 Insurance Financial Strength Rating (IFSR) and A1.sa national scale IFSR with a Stable Outlook. In a statement to the Saudi Exchange (Tadawul), Saudi Re said that the ratings confirm its 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 Asia, Africa and Lloyd’s. It further affirms Saudi Re’s preferential position in the Kingdom due to a right of first refusal on a portion of premiums ceded by primary carriers in the Saudi market, strong asset quality exemplified by its conservative investment portfolio, good capital adequacy in terms of capital levels and relatively modest exposure to natural catastrophe risk. The ratings also reflect Saudi Re’s strong financial flexibility with non-existent leverage and good access to local capital markets, given its listing on the Saudi stock exchange and a broad investor base.  Saudi Re has initiated the process of increasing its capital by up to SAR 445.5 million ($119 million) to strengthen its capital base. The expected enlarged capital base provides a platform to enhance its market position in the broader Middle East region by providing additional capacity to support insurance market growth in Saudi Arabia and pursue further international expansion opportunities to diversify its business in line with its strategic plan.  Moreover, the forward-looking capital increase to support expected future growth highlights Saudi Re’s financial strategy, risk management, and strong overall governance.  Fahad Al-Hesni, Managing Director and Chief Executive Officer (CEO) of Saudi Reinsurance Company, commented: “The rating affirmation by Moody’s reflects Saudi Re’s strong brand and market position in domestic and international reinsurance markets. The rating reflects our strong asset quality, good capital adequacy and robust financial flexibility.”

Saudi Reinsurance Company (Saudi Re) announced that Moody’s Investors Service, a global credit rating agency, has affirmed its A3 Insurance Financial Strength Rating (IFSR) and A1.sa national scale IFSR with a Stable Outlook. In a statement to the Saudi Exchange (Tadawul), Saudi Re said that the ratings confirm its 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 Asia, Africa and Lloyd’s. It further affirms Saudi Re’s preferential position in the Kingdom due to a right of first refusal on a portion of premiums ceded by primary carriers in the Saudi market, strong asset quality exemplified by its conservative investment portfolio, good capital adequacy in terms of capital levels and relatively modest exposure to natural catastrophe risk. The ratings also reflect Saudi Re’s strong financial flexibility with non-existent leverage and good access to local capital markets, given its listing on the Saudi stock exchange and a broad investor base.  Saudi Re has initiated the process of increasing its capital by up to SAR 445.5 million ($119 million) to strengthen its capital base. The expected enlarged capital base provides a platform to enhance its market position in the broader Middle East region by providing additional capacity to support insurance market growth in Saudi Arabia and pursue further international expansion opportunities to diversify its business in line with its strategic plan.  Moreover, the forward-looking capital increase to support expected future growth highlights Saudi Re’s financial strategy, risk management, and strong overall governance.  Fahad Al-Hesni, Managing Director and Chief Executive Officer (CEO) of Saudi Reinsurance Company, commented: “The rating affirmation by Moody’s reflects Saudi Re’s strong brand and market position in domestic and international reinsurance markets. The rating reflects our strong asset quality, good capital adequacy and robust financial flexibility.”

Moody’s Investors Service «Moody’s» maintains its A3 Insurance Financial Strength Rating (IFSR) of Saudi Reinsurance Company «Saudi Re», with a stable outlook. Moody’s said Saudi Re’s A3 rating reflects its strong market position and brand in Saudi Arabia as the sole professional reinsurer in the Kingdom and its growing presence in the target markets of Asia, Africa and Lloyd’s. The rating further reflects Saudi Re’s preferential status in the Saudi market due to the right of first refusal of part of premiums ceded by direct insurance companies in the local market. Furthermore, Moody’s mentioned other elements of strength including Saudi Re asset quality strength, which is reflected in the reinsurer’s conservative investment portfolio, good capital adequacy, both in terms of capital levels, and relatively modest exposure to natural catastrophe risk, and, strong financial flexibility with non-existent leverage and good access to capital markets in Saudi Arabia, and broad investor base. According to Moody’s, the stable outlook rating reflects its expectation that Saudi Re will maintain its recent improvements in profitability, while maintaining its strong assets quality, capital adequacy and adequate level of reserves. Commenting on the A3 rating, Fahad Al-Hesni, Managing Director and CEO of Saudi Reinsurance Company, said that: “maintaining the rating will help strengthen our competitive position, reinforce the confidence of our clients and regulators, and increase our business growth opportunities in the global markets, where the A rating is one of the main requirements for dealing with reinsurers to ensure their financial ability.”

“Mena Insurance Review” has listed Mr. Fahad Al-Hesni, CEO of Saudi Re among the top 50 industry leaders in the MENA region for the year 2011,