Re receives insurance authority's no-objection to acquire stake in AdA Risk Holding worth SAR 45.1 million

Logo of Saudi Reinsurance Company - Re

Saudi Reinsurance Company 'Re' announced yesterday that it received the insurance authority's no-objection to acquire a 22.5% stake on a fully diluted basis in AdA Risk Holding Co Limited, based in the United Kingdom, which holds the right to operate Syndicate 2024 in the Lloyd's market in the UK, for GBP 8.95 million (equivalent to SAR 45.14 million). The company said in a statement on Tadawul that the deal will be financed from its own financial resources, noting that the acquisition includes terms, conditions, and warranties provided by each party in accordance with customary practices, and the completion of the deal is subject to the completion of the share purchase process and obtaining all relevant regulatory approvals. It added that the company aims through this acquisition to expand its international activities as part of its global growth strategy by strengthening its presence in the Lloyd's market, being one of the most important global insurance centers. It also enhances the company's ability to develop specialized reinsurance solutions, diversify the insurance portfolio, and leverage the capabilities available in the Lloyd's market, achieving sustainable long-term value for its shareholders and customers. It mentioned that AdA Risk Holding Co Limited was incorporated in the United Kingdom and Wales, and is the holding company of AdA Underwriters Limited, which operates AdA Syndicate 2024, specializing in marine insurance and specialized insurance types in the Lloyd's market in London. It indicated that the value of the deal and the company's share of AdA's financial results will be reflected in the company's financial statements from the third quarter of 2026, expecting the deal to enhance the underwriting volume from the Lloyd's market starting from 2027, with its positive impact continuing in the coming years.

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