Saudi Re crowned as the ‘Reinsurance Company of the Year’

By Shilpa Annie Joseph, Official Reporter
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Representational Image | Image Courtesy: Asia and Middle East Insurance Review on YouTube

Saudi joint-stock company Saudi Reinsurance Company (Saudi Re) has won the “Reinsurance Company of Year” Award at the prestigious 8th Middle East Insurance Industry Awards held virtually in Dubai.

Mr. Fahad Al-Hesni, MD & CEO of Saudi Re said, “Saudi Re is delighted to win the ‘Reinsurance Company of Year’ award, which recognizes the evolution of Saudi Re and reflects our client-centric approach, commitment to market development, and efforts to promote sustainable practices.”

Despite the exceptional market challenges posed by the COVID-19 pandemic, the judging panel highlighted that Saudi Re was able to maintain its growth momentum in 2020.

According to the statement, “Gross written premium (GWP) grew 18 percent to $249 million (SAR 935 million), driven by 25 percent growth in the international markets and 8 percent in the domestic market. In addition, the efforts exerted during 2020 resulted in a growth rate of 58 percent in the first quarter of 2021.”

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Furthermore, Saudi Re successfully built solid relationships with clients and brokers outside of its home market, creating an image of a leading and reliable Middle Eastern reinsurer, in accordance with its aim to develop international business.

As per the statement, Saudi Re is the first Middle Eastern reinsurer to issue a sustainability report, which was created in line with national and international strategic visions and objectives, such as the Kingdom’s Vision 2030.

The Middle East Insurance Awards are evaluated by a renowned judging panel including 25 industry leaders representing regulatory bodies, rating agencies, insurance federations, and prominent industry leaders.

“The award is granted to companies demonstrating leadership in Mena’s general reinsurance industry through innovation in product offerings, thought leadership, enhancing stability and security of the industry while boosting the image of the profession,” as per the statement.

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