Chubb Arabia Cooperative Insurance has announced that its board of directors has granted in-principle approval to participate in a 10% equity investment in a new reinsurance company in Saudi Arabia.
The investment is being offered by Chubb International Investment, which, together with its investment holding company, Al Khereiji Investment Company, is establishing the reinsurer, as stated by Chubb Arabia in a statement lodged with the Saudi Exchange on 8 January 2026.
Chubb Arabia clarifies that the board approval is non-binding at this stage and remains subject to obtaining all necessary regulatory approvals.
The reinsurance market in Saudi Arabia is undergoing a profound transformation at present, with the recent establishment of the kingdom’s second locally incorporated reinsurer and a pipeline of new players waiting to enter the market.
Riyadh Reinsurance Company, launched in November 2025, marks a major milestone in the KSA insurance industry, as it is only the second locally-incorporated reinsurer in the country.
Apart from Chubb, players eyeing the Saudi reinsurance market include Qatar-headquartered Doha Insurance Group (DIG), which aims to expand its reinsurance operations overseas.
One factor cited as driving growth in the Saudi reinsurance market is the requirement, effective from 1 January 2025, for local insurers to offer at least 30% of both facultative and treaty reinsurance cessions to licensed domestic reinsurers, who retain the right of first refusal.