Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Company, known as (Saudi Re), is seeking to expand its presence in Egypt ahead of the busy reinsurance renewal season in 2019.
Saudi Re will be the main sponsor of the first annual Sharm El-Sheikh Insurance and Reinsurance Rendezvous event, according to an official statement on Thursday.
“The recent A3 insurance financial strength rating (IFSR) and a stable rating by Moody's stand as a testimony to Saudi Re’s long-term commitment to one of the Middle East’s highest growing economies, as we expand our reach to bolster our market position,” CEO and managing director Fahad Al-Hesni stated.
The event will allow the Saudi insurance provider to hold important discussions with partners and customers, along with providing an opportunity to exchange experiences, Al-Hesni added.
“The Rendezvous will discuss four important axes: which are the best global practices in insurance and reinsurance; what is new in the international market; what needs to be developed in the brokerage business in the Egyptian insurance market and what are the challenges and opportunities of the insurance and reinsurance market in Egypt,” the CEO further noted.
The Sharm El-Sheikh Insurance and Reinsurance Rendezvous event is set to start on Sunday, 28 October and end on Tuesday, 30 October.
Saudi Re last reported a 52% year-on-year profit decrease by the end of the second quarter of 2018, logging SAR 6.436 million compared to SAR 13.409 million.
From January to June 2018, the Saudi insurance firm’s profits tumbled 32.84% to SAR 14.03 million, from SAR 20.89 million in the corresponding six months a year earlier.
By 2:52 pm Saudi time, Saudi Re’s stock rose 1.10% to SAR 6.46.
