Saudi Reinsurance Company (Saudi Re) bagged the “Reinsurance Company of Year” award at the 8th Middle East Insurance Industry Awards 2021 held virtually in Dubai.
“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,” said Fahad Al-Hesni, managing director and chief executive of Saudi Re.
The judging panel noted that despite the unprecedented market challenges caused by the COVID-19 pandemic, Saudi Re succeeded in sustaining its growth momentum in 2020.
The gross written premium grew 18 percent to SR935 million ($249.2 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 Q1 2021.
Furthermore, in line with its strategy to develop international business, Saudi Re successfully built strong relationships with clients and brokers outside its home market, projecting an image of a reliable Middle Eastern reinsurer.
In 2020, Saudi Re’s international business grew to represent 63 percent of the overall portfolio, with an increasing presence in more than 40 countries across Asia, the Middle East, Africa and the Lloyd’s market.
Saudi Re is the first Middle Eastern reinsurer to publish a sustainability report, developed in line with national and international strategic visions and objectives such as the Kingdom’s Vision 2030.
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 leadership in the MENA’s general reinsurance industry through innovation in product offerings, thought leadership, enhancing stability and security of the industry while boosting the image of the profession.