Communiqué de presse

Saudi Re annonce la signature d'un mémorandum d'accord avec Probitas Holdings (Bermuda) Limited (PHBL) pour acheter 49,9% des actions de PHBL

Saudi Re, announces signing off a Memorandum of Understanding with Probitas Holdings (Bermuda) Limited (PHBL), through which Saudi Re will purchase 49.9% of the ordinary shares of PHBL. 

The Memorandum of Understanding, which was signed on 13th July, 2017 and announced on Tadawul (Saudi Stock Exchange Website), reflects parties’ agreement for initial valuation of the deal for 49.9% at USD 25 million, as well as the ownership structure of three subsidiaries of PHBL which will be:

1- Probitas Holdings (UK) Limited,

2- Probitas Corporate Capital Limited, a Lloyd’s corporate member which currently owns a large percentage of the capacity rights of Syndicate 1492, and

3- Probitas 1492 Services Limited, the services company, which has built a highly experienced underwriting, marketing, actuarial and administration team to underwrite business on behalf of Syndicate 1492.

Furthermore, the transaction will be subject to approval by both Lloyd’s and the Saudi Arabian Monetary Authority (SAMA).

Fahad Al-Hesni, MD-CEO Saudi Re, commented: “We are excited about this step which we believe will provide Saudi Re with opportunities to expand its business and investments in the global insurance and reinsurance market particularly the Lloyd’s market in the United Kingdom. This was identified as part of Saudi Re strategy to diversify its operations, and we are very pleased to join forces with the right partners at PHBL”

Saudi Re sponsorise la conférence des projets de transport et d'infrastructures saoudiens 2013 Saudi Mega

Saudi Re participates as a reinsurance partner of the 2013 Saudi Mega Transport & Infrastructure Projects Conference taking place in Riyadh, Marriott Hotel, Saudi Arabia from the 16th to 18th Sep 2013.

This event will focus on the development of mega-projects in the Kingdom, the region’s largest construction sector.

Details can be found through the below link:


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