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Press Releases

Standard & Poor's Affirms Rating BBB + (Stable) pour Saudi Re

 Riyadh, Standard & Poor’s (S&P) has affirmed Saudi Re’s financial strength rating at BBB+ with a stable outlook. S&P expects that Saudi Re will gradually prove successful in establishing a good and diversified competitive position in Saudi Arabia ....

Saudi Re’s strength factors, in the view of S&P, included the strong capitalization of Saudi Re making it one of the most strongly capitalized out of all Middle East and North Africa (MENA) regional reinsurers. According to S&P, Saudi Re possesses an absolute level of capitalization that ranks it as one of the leaders in terms of overall capacity among Middle Eastern regional reinsurers, and its board of directors has the vision to grow its business stature accordingly in the medium term.

Despite continued competition from regional and global reinsurers, S&P anticipates that Saudi Re will differentiate itself sufficiently from other reinsurers to win an increasing share of the steadily growing Saudi Arabian, GCC, and broader emerging markets' demand for reinsurance protection.

Fahad Al-Hesni, CEO of Saudi Re said “preserving the rating for four years in a row is indicative of Saudi Re’s sound business strategy and fosters our reputation for being a reliable business partner in the eyes of our valued clients”.

Saudi Re is the first licensed reinsurance company in Saudi Arabia established in 2008 with a paid capital of 1 billion Saudi Riyals (USD 267 million). In 2011, Saudi Re achieved growth of 49% in Gross Written Premium and currently serves clients in more than 20 countries in the Middle East, Africa and Asia.

Saudi Re announces signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of the shares of PHBL

Following announcement on 13-07-2017, Saudi Re announces signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL), through which Saudi Re will purchase 49.9% of the ordinary shares of PHBL. PHBL is a limited liability company registered in Bermuda which invests in insurance reinsurance business and in Lloyd's market.

The agreement, which was signed on 29-07-2017, PHBL reflects the parties agreement for valuation of the deal for 49.9% of PHBL's ordinary shares at USD 25 million, as well as the ownership structure of three subsidiaries of PHBL.

Furthermore, Saudi Re wishes to clarify that the completion of this transaction is subject to the approval of the Saudi Arabian Monetary Authority and Lloyd's, and that there are no related parties.

Saudi Re will finance this deal out of its own resources.

It is worth noting that this deal provides Saudi Re with opportunities to expand its business and investments in the global insurance market particularly the Lloyd's market in the United Kingdom.

https://www.tadawul.com.sa/wps/portal/tadawul/home/announcement-details

Saudi Re announces signing off a memorandum of understanding with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of the shares of 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”