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SAUDI RE CROWNED AS THE ‘REINSURANCE COMPANY OF THE YEAR’

Saudi Arabia
 * Date: 06-Nov-2021
 * Source: GCC Business…
 * Sector: Financial Services
 * Country: Saudi Arabia
 * Share:
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SAUDI RE CROWNED AS THE ‘REINSURANCE COMPANY OF THE YEAR’

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.” Representational Image 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

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