Moody's affirms Saudi Re's rating

Moody's has affirmed Saudi Re's "A3" financial strength rating with a stable outlook. The rating reflects the reinsurer's strong position in the Saudi market as well as in the target markets of Asia, Africa and Lloyd's of London.

The decision also reflects Saudi Re's good capital adequacy, asset quality, prudent investment portfolio and modest exposure to natural disaster risk.

In June 2022, the reinsurance company was approved by the Saudi Central Bank (SAMA) to increase its share capital by 50%. The latter went from 891 million SAR (237.269 million USD) to 1.336 billion SAR (355.77 million USD).

The rating agency says that this operation highlights the company's financial strategy, its risk management policy and its proper management.