Saudi Re for Cooperative Reinsurance Company (Saudi Re), one of the leading reinsurers in the Middle East & North Africa (MENA) region, has said that it plans to further extend its presence in the Egyptian markets.
The company said that it will target growth in the region by focusing on the treaty, general, and life reinsurance segments.
“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,” said Fahad Al-Hesni, Managing Director and Chief Executive Officer (CEO) of Saudi Re.
“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,” he continued.
Al-Hesni explained that Saudi Re will build on the existing strong relationships it has with most of the insurance companies in Egypt and put its support behind major financial projects.
“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,”he explained.
To reinforce its brand presence in Egypt ahead of the next year’s busy reinsurance renewal season, Saudi Re is also participating as main sponsor of the first annual Sharm El-Sheikh Insurance and Reinsurance Rendezvous this week.
“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,” said Al-Hesni. “We look forward to this global event and share our varied experiences and extensive knowledge of the nearly 40 markets where we operate.”
Topics under discussion at the Rendezvous will include global best practices in re/insurance, new developments in the international market, broking in the Egyptian insurance market, and general challenges and opportunities for the re/insurance market in Egypt.