Saudi Re wins ‘Reinsurance Company of the Year Award 2022’

Logo of Saudi Reinsurance Company (Saudi Re)

Saudi Reinsurance Company (Saudi Re) awarded the “Reinsurance Company of the Year Award” for the second consecutive year at the awards ceremony of the 9th Middle East Insurance Industry Awards 2022 recently held in Dubai.

On this occasion, Mr. Fahad Al-Hesni, Managing Director and CEO of Saudi Re said: “Winning this distinguished award for two years in a row is a testament to Saudi Re progress and the dedication of our passionate employees. Saudi Re is proud to be a home-grown Middle Eastern reinsurer with an expanding foothold in the international market. We thank our valued customers and stakeholders for their trust and those who have played a role in making Saudi Re one of the region's leading reinsurers."

The judging panel, represented by a number of industry leaders, attributed the Saudi Re's winning of the award to for its achievements and strategic commitment to customer-centricity, continuous technological innovation and integrating sustainability.

The judging panel noted that Saudi Re has successfully adopted the diversification strategy and achieved a balanced portfolio with a presence in more than 40 countries across the Middle East, Asia, Africa and Lloyd’s Market. Thanks to a focus on its diversification strategy, Saudi Re’s international business represented 57% of its portfolio in 2021 which signifies the company’s ability to deploy its technical and business development capabilities to build a strong footing in the international markets during challenging times to reinforce profitable growth.

Saudi Re has launched an ambitious strategy for digital transformation to enable business transactions by relevant appropriate tools, in order to provide the highest level of service to its customers. This strategy is based on creating a highly resilient digital architecture with advanced technologies, simplified and consistent business processes, and superior technical and analytical capabilities.

The company had previously announced that it obtained the Saudi Central Bank's approval for increasing its capital to 1.344 billion riyals through a rights offering issue, by which the company aims to strengthen its capital base in order to support its future activities, invest growth opportunities in the insurance market in the Kingdom of Saudi Arabia, and expand in global markets so as to diversify its activity based on its strategic plan for the year 2026.

In addition, Saudi Re has developed its social responsibility framework to include sustainability standards, and environmental, social and governance (ESG) principles. It has focused on integrating sustainability into its operations, which contributed to the company’s ranking first in the performance of sustainability standards, and environmental, social and governance (ESG) principles in the Saudi insurance market, and it ranks 16 out of more than 180 Tadawul listed companies according to Sustainability Excellence rating.

The Middle East Insurance Awards are assessed by a distinguished judging panel comprising 25 industry leaders representing regulatory bodies, rating agencies, insurance federations and prominent industry leaders. The results were also independently audited by a Big Four audit firm.

The award is granted to companies demonstrating excellence across a wide range of general reinsurance activities, including the integrated use of technology, customer service, marketing and business development.