At the 8th Middle East Insurance Sector Awards Ceremony for the year 2021, conducted electronically in Dubai, the Saudi Reinsurance Company (Re) was named “Reinsurance Company of the Year.”
“We are very pleased that the Saudi Reinsurance Company (Re) won the Reinsurance Company of the Year award, which recognizes the company’s development and reflects our customer-centric approach, commitment to market development, and efforts to improve practices,” said Fahad Al-Hosni, Managing Director and CEO of RE.
Despite the exceptional market constraints posed by the Covid-19 outbreak, the Saudi Reinsurance Company was able to sustain its expansion in 2020, according to the jury. In addition, the efforts made during the year 2020 resulted in a growth rate of 58 percent in the first quarter of 2021, as gross written premiums climbed by 18 percent to 935 million riyals, as it grew by 25% in foreign markets and 8% in the local market.
The Saudi Reinsurance Firm has succeeded in creating solid ties with clients and brokers outside of its local market, allowing it to emerge as a prominent and dependable reinsurance company in the Middle East, in keeping with its objective to expand in international markets. With a growing presence in more than 40 countries across Asia, the Middle East, Africa, and Lloyd’s Market by 2020, Rea’s foreign business will account for 63 percent of total revenues.
The Saudi Reinsurance Firm (Re) is the first reinsurance company in the Middle East to provide a sustainability report based on national and worldwide strategic goals and objectives.
The Middle East Insurance Awards are judged by a distinguished panel of judges comprising of 25 industry leaders representing regulators, rating agencies, insurance associations and prominent industry leaders. The results were also independently audited by one of the Big Four review firms.
The award is granted to firms who display leadership in the MENA region’s general reinsurance industry via product innovation, thought leadership, fostering sector stability and security, and strengthening the profession’s image.