Saudi Reinsurance Company (Saudi Re) has received approval from the kingdom’s Insurance Authority to acquire a 22.5% equity stake in UK-based AdA Risk Holding Co Limited, the operator of AdA Syndicate at Lloyd’s, for £8.95 million.
The pair state that this strategic minority investment is a natural development in Saudi Re and AdA’s established relationship.
The acquisition will be financed from Saudi Re’s own financial resources, and is expected to support the reinsurer’s international expansion plans, and accelerate growth globally by strengthening its presence at Lloyd’s, the world’s oldest insurance and reinsurance marketplace.
Saudi Re also expects the partnership to improve its ability to develop specialised reinsurance solutions, diversify its underwriting portfolio, and leverage the expertise, market access, and capabilities available within the Lloyd’s market.
“Partnering with AdA marks an exciting new chapter for Saudi Re. As a differentiated specialty Lloyd’s underwriting platform led by an experienced and results-driven management team, AdA is primed for a strong future. This strategic investment builds upon our past success and strengthens Saudi Re’s foothold in the Lloyd’s market. Furthermore, it drives our global growth strategy forward and aligns with our goals to diversify our portfolio and develop specialty reinsurance solutions, creating value for its shareholders and clients,” said Ahmed Al-Jabr, CEO of Saudi Re.
AdA, a Lloyd’s and regional Marine & Specialty insurer, revealed late last year that Syndicate 2024 received permission to underwrite from Lloyd’s for the 2026 year of account, after it graduated from being an SPA to full syndicate status.
This investment from Saudi Re is viewed as a significant milestone in the company’s journey, and positions the carrier to further establish itself as a differentiated, high-quality specialty underwriting platform at Lloyd’s.
Natasha Jodrell, CEO of AdA, added: “We are delighted to welcome Saudi Re as a strategic partner, a business with whom we have worked closely since AdA was first established in 2023. This partnership will be instrumental as we continue to expand our underwriting platform and execute on our long-term strategy at Lloyd’s.”
