In a recent interview with Al Arabiya Business, the CEO of Saudi Re Mr. Ahmed ALJABR shared key insights into the company’s strategic growth, innovative initiatives, and future vision.
Here are the main highlights:
1. Capital Increase and PIF Partnership
- 30% Capital Increase: Saudi Re’s capital has been raised to SAR 1.158 billion.
- PIF Ownership: The Public Investment Fund (PIF) now holds a 23.8% stake in Saudi Re.
- Strategic Benefits: This partnership will accelerate Saudi Re’s operational and technical capabilities, with a focus on capacity building and innovative product development.
2. Strategic Plan
Saudi Re is adopting a well-defined strategy until 2028, that focuses on:
- Strengthening its presence in the local market.
- Expanding globally to ensure well-diversify of existing portfolio.
3. Operational Growth
Saudi Re has doubled its operations over the last three years, reflecting the company’s strong performance and execution of its plans.
4. Boosting Local Content
- The recent IA circular 296 supports local content by prioritizing local reinsurance capacity.
- Saudi Re has achieved 11% market share from the SAR 12 billion Saudi reinsurance market, primarily due to the reinforcement of the right of refusal for local cession.
5. Leading Innovative Products
Saudi Re has introduced several groundbreaking reinsurance products to the market, including:
- Decennial Liability for contractors.
- Employer’s Default for non-Saudi workers.
- Surety Bonds designed for PIF projects.
A Bright Future Ahead
The CEO emphasized that Saudi Re’s strong growth, innovative solutions, and partnerships are positioning it as a key player in the global reinsurance market while strengthening its role as a national reinsurer.