About Saudi Re

2.1 Who We Are

Established in 2008, Saudi Re is the sole licensed and specialized reinsurance company in the Kingdom of Saudi Arabia and among the top performing reinsurance companies in MENA region, functioning under the regulatory oversight of the Insurance Authority (IA) that provides reinsurance solutions in various lines of business. We operate in a G20 economy, which boasts one of the world’s most rapidly expanding insurance markets, offering us substantial prospects for advancement and growth.

Being a publicly listed company on the Saudi Stock Exchange and boasting a diverse investor base, Saudi Re is strategically positioned to chart a sustainable path of growth, ensuring its long-term success within the dynamic reinsurance industry.

We are proud to be a portfolio company of the Public Investment Fund (PIF), which strengthens our ability to drive innovation and resilience in the reinsurance sector, aligning with Saudi Arabia’s Vision 2030. This position within the PIF ecosystem allows us to access world-class expertise, financial strength, and collaborative opportunities, accelerating our global growth.

In 2024, Saudi Re maintained a rating of “A-” for its long-term issuer credit and insurer financial strength. Furthermore, the Company continued to hold a “gcAAA” regional scale rating, with a stable outlook, as assessed by Standard & Poor’s Global Ratings (S&P). Additionally, of capital adequacy levels continued to surpass the “AAA” threshold within S&P’s assessment model. Moody’s reaffirmed Saudi Re’s rating at A3 Insurance Financial Strength Rating (IFSR) on the international scale and at A1.sa on the national scale IFSR, with a positive outlook.

The Company’s robust financial ratings can be attributed to multiple key factors: strong brand presence, leading market position in Saudi Arabia, the Company’s expanding footprint in strategic markets, including Asia, Africa, and Lloyd’s. Saudi Re’s financial strength is underpinned by: a strong asset portfolio, sound capital adequacy levels, and financial flexibility. Notably, the company also maintains a conservative investment portfolio, has low exposure to natural catastrophe risks, and maintains non-existent leverage with favorable access to capital markets in Saudi Arabia. Additionally, Saudi Re benefits from a unique advantage within the Saudi market – a right of first refusal on a portion of premiums ceded by primary carriers. These factors play pivotal roles in shaping its positive rating.

In the development of strategies and policies, Saudi Re adheres to a sustainability framework that aligns with globally recognized standards. This comprehensive approach ensures the integration of Environmental, Social, and Governance (ESG) principles and sustainability mandates throughout all areas of the Company’s operations. Saudi Re is a Sharia-compliant company.

2.2 What We Do

Saudi Re specializes in providing facultative and treaty reinsurance solutions across a range of insurance classes, including property, engineering, liability, marine, motor, life, and health. Saudi Re aims to enhance the localization of reinsurance activities and ensure premiums remain within the Kingdom.

Saudi Re places a strong emphasis on fostering client relationships, via direct and broker channels. These relationships are managed by the underwriting teams, supported by a robust technological and analytical infrastructure. The Company’s underwriting proficiency, coupled with formidable analytical and actuarial capabilities, contributes to prudent risk assessments and pricing strategies. Additionally, Saudi Re has cultivated valuable partnerships with retrocession reinsurers, which play a pivotal role in mitigating risks in the event of catastrophic events.

2.3 Value Drivers: 2024 At A Glance

2.4 Awards and Recognition

2.5 Financial Summary