SAMA gives a license to Saudi Re

The Saudi Arabian Monetary agency has issued a license to operate to the first reinsurance company established in Saudi Arabia, Saudi Re. Mr Mousa Al-Rubaian, Chairman of the Board of Directors, declared: “We are very glad for this most important milestone for Saudi Re, and also for the whole Insurance Industry in Saudi Arabia, and would like to express our thanks for SAMA for the efforts deployed in this respect; we are more than happy to note SAMA’s support and contribution for the whole sector and their appreciation of the resources Saudi Re will deploy to the benefit of the Insurance industry in Saudi Arabia and also in the Arab Countries. With it’s paid up capital of SAR 1billion, Saudi Re capital is among the largest not only in the Arab World, but also in the developing countries. Saudi Re has appointed a team of experts to handle professionally the needs of its clients; it further ensured the placements of its retrocession agreements with, at least, A- rated securities. Saudi Re will offer, from its Head office in Riyadh, a large variety of traditional reinsurance and Takaful products for its clients in the Saudi and Arab markets.

Saudi Re is offering young Saudis the possibility to develop a career in this new and challenging industry with a strong international flavor. Saudi Re IPO was over subscribed by 350%.