Saudi Reinsurance Company has obtained the Insurance Authority's approval to complete its acquisition of a strategic 22.5% stake in British company AdA Risk Holding, which owns the operating rights for Syndicate 2024 in the Lloyds insurance market.
The deal, signed on 26 June 2026, is worth GBP8.95m ($12m), according to Saudi Re in a statement lodged with the Saudi Exchange. It is fully financed from the reinsurer’s own resources.
Saudi Re aims through this acquisition to expand its international presence as part of its growth strategy, by strengthening its presence in the Lloyds market, the world’s largest specialist insurance market, thereby supporting the development of specialised reinsurance solutions, diversifying its insurance portfolio, and benefiting from the expertise and capabilities available in the British market.
The transaction positions AdA to further establish itself as a differentiated, high-quality specialty underwriting platform within the Lloyd’s market.
Saudi Re said that the impact of the deal will begin to appear in its financial statements from the third quarter of 2026, through the inclusion of its share in AdA’s results, while it expects the transaction to contribute to an increase in the volume of business underwritten from the Lloyds market starting from 2027, with its positive impact continuing to be reflected in performance during subsequent years.
In a media statement, Mr Ahmed Al-Jabr, CEO of Saudi Re, said, “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.”
AdA is a London-based specialty underwriting business focused on delivering disciplined, high-quality underwriting across Energy, Marine, Cargo, Specie, and Aviation classes.