Dubai, Riyadh: Saudi Reinsurance Company (Saudi Re) bagged the “Reinsurance Company of Year” Award at the prestigious 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, MD & CEO
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.
Gross written premium (GWP) grew 18% to SAR 935 million, driven by 25% growth in the international markets and 8% in the domestic market. In addition, the efforts exerted during 2020 resulted in a growth rate of 58% 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 leading and reliable Middle Eastern reinsurer.
In 2020, Saudi Re’s international business grew to represent 63% of the overall portfolio, with an increasing presence in more than 40 countries across Asia, Middle East, Africa and 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 of 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 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.