Riyadh Re launches with $146m capital to build Saudi reinsurance hub

Riyadh Reinsurance Company (Riyadh Re) has been officially launched in Saudi Arabia following the receipt of its final licence from the Insurance Authority.

The launch, announced at the Global Insurance Conference and Exhibition Ingate in Riyadh, marks a significant milestone in the kingdom’s efforts to localise reinsurance capacity and develop sector expertise under Saudi Vision 2030.

Headquartered in Riyadh and incorporated on 4 November 2025, Riyadh Re enters the market with capital of SAR550m ($146m).

The company is wholly owned by Tawuniya, the Middle East’s largest insurer.

The firm said it aims to offer both facultative and treaty reinsurance solutions across property and casualty, energy, engineering, marine, aviation, financial and cyber lines.

Chief executive Fahad AlHesni said Riyadh Re’s approach would combine regional insight with international standards.

“With a phase one focus on Saudi Arabia, GCC and MENA markets, Riyadh Re will build strong regional partnerships and develop localised risk capabilities,” he said.

“In phase two, the company aims to expand across global markets, establishing itself as an internationally recognised reinsurer with Saudi roots.”

He added that Riyadh Re’s strategy was underpinned by advanced technology platforms and data-driven analytics.

Riyadh Re said its offerings would include bespoke coverage for commercial and industrial assets, catastrophe protection and reinsurance for large, capital-intensive projects in sectors such as energy, infrastructure, logistics and utilities.

The reinsurance firm said it aims to help primary insurers manage large-scale exposures through collaborative reinsurance frameworks designed to enhance market resilience and support sustainable economic growth.

“We are building a national reinsurance champion with global standards, contributing to the development of the Saudi insurance sector,” AlHesni added.