WTW has secured a licence to act as a reinsurance broker in the Kingdom of Saudi Arabia. The company has appointed Mohammed S AlSudairy as WTW Saudi Arabia's new head of reinsurance broking, based in the Kingdom.
Chubb Arabia Cooperative Insurance Company's shareholders have approved amending the company's bylaws in accordance with the new companies law, as well as rearranging and numbering the bylaw articles to comply with the proposed amendments.
Saudi Reinsurance Company (Saudi Re), the kingdom's sole home-grown reinsurer is making big strides within its local market and abroad as international business accounts for half of its premium income; its strategic partnership with the PIF would give further momentum to its business, said Saudi Re CEO Ahmed Al-Jabr.
The Public Investment Fund (PIF) announced yesterday that it has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) by way of a capital increase and subscription to new shares, with the suspension of preemptive rights in accordance with Capital Market Authority regulations, the Fund said in a statement.
Moody's Ratings has affirmed Saudi Reinsurance Company's (Saudi Re's) rating at "A3" Insurance Financial Strength Rating (IFSR), with a positive outlook.
The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) and Buruj Cooperative Insurance Company (Buruj) have received approval from the General Authority for Competition (GAC) on proceeding with the economic concentration resulting from the potential merger of the two operators.
Mutakamela Insurance Company has announced the launch of its new identity and brand name "Mutakamela". This comes after obtaining the necessary regulatory approvals and shareholder consent.
Orient Group, the UAE's biggest insurer in terms of insurance income and profits, is on an expansion drive that includes opening new branches in the Gulf and Middle East countries and abroad, according to Mr Omer Elamin, president of Orient Group and chairman of Orient Takaful Insurance Egypt.
Tawuniya, one of the biggest insurers in Saudi Arabia, has launched an innovative, intensive 12-week virtual accelerator programme - InsurAi - to nurture technology startups across the Middle East and North Africa.
Top-line growth in Saudi Arabia's insurance sector will moderate to about 10%-15% in 2025, after strong growth since 2022 and a 17% increase in insurance revenue in third-quarter 2024, forecasts S&P Global Ratings (S&P).