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«Saudi Re» aims to further expand its presence in Egypt’s market

Company targets treaty, general and life reinsurance segments, says Fahad Al-Hesni

Riyadh: 25 October 2018: Saudi Re for Cooperative Reinsurance Company (Saudi Re), the leading reinsurance company in the MENA region, is reinforcing its brand presence in Egypt ahead of the next year's busy reinsurance renewal season.

Recognizing the significance of the Egyptian and North African insurance market, Saudi Re is participating as main sponsor of the first annual Sharm El-Sheikh Insurance and Reinsurance Rendezvous which will be held in Sharm El-Sheikh from October 28 to 30, 2018.

Fahad Al-Hesni, Managing Director and Chief Executive Officer of Saudi Reinsurance Company, commented: "Saudi Re has a wide presence in the Middle East and North Africa (MENA) with Egypt being among the most valuable markets in the region. 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."

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"Saudi Re has a strong relationship with most of the insurance companies in Egypt. Given our long-standing commitment to this market, Saudi Re aims to further expand in the Egyptian market and seeks to provide reinsurance support to major projects in Egypt’s engineering, infrastructure and power generation sector, Al-Hesni said.

Commenting on its participation at Sharm El-Sheikh Insurance and Reinsurance Rendezvous, Fahad Al-Hesni asserted: "The Rendezvous will allow Saudi Re to interact with its clients and partners and provide a unique opportunity to take advantage of the experiences from different markets and help in developing the Egyptian insurance industry. We look forward to this global event and share our varied experiences and extensive knowledge of the nearly 40 markets where we operate."

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.