Saudi Reinsurance Company “Saudi Re’’ organized a seminar on “Saudi Property Insurance Market‘’ which was attended by a number of insurance professionals from insurance companies operating in Saudi Arabia. 

Saudi Reinsurance Company “Saudi Re’’ organized a seminar on “Saudi Property Insurance Market‘’ which was attended by a number of insurance professionals from insurance companies operating in Saudi Arabia. 

Saudi Re is pleased to announce the completion of transaction and the consequent acquisition of 49.9% of the ordinary shares of PHBL. Announcement on Tadawul

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). Announcement on Tadawul – 1/10/2017Announcement on Tadawul – 27/9/2017

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.”

Saudi Re announce the approval on the election of members of the Board of Directors for a period of three years for the period from 11/05/2020 to 10/05/2023, and their names are: Mr.Hisham Abdulmalik Al-Shaikh Mr. Fahad Abdulrahman Al-Hesni Dr. Peter F. Hugger Mr. Ahmed Sabbagh Mr. Marc Maupoux Mr. Meshari Al Hussain Mr.Jean-Luc Gourgeon Mr.Mohammad Al Otaibi Eng.Hussam Alsuwailem