Saudi Re has been named one of the two joint winners in this category for its achievements and strategic commitment to customer-centricity, continuous technological innovation and integrating sustainability.
In 2021, Saudi Re renewed its strategy in light of shifts in market dynamics. Its strategic vision is to evolve into a large and well-diversified reinsurer contributing to the growth of the economy and be ranked among the top 50 global reinsurers.
Diversification remains central to Saudi Re’s strategy as it strives to minimise concentration and accumulation risks to ensure a well-balanced reinsurance portfolio. To achieve this, it has spread the business across multiple lines, striking a balance between proportional and non-proportional contracts and through geographic diversification. Its portfolio spans over 40 markets in the Middle East, Asia, Africa and Lloyd’s market.
Thanks to its diversification strategy, its international business represents 57% of the portfolio in 2021. This signifies the company’s ability to deploy its technical and business development capabilities to build a strong footing in the international markets during challenging times to reinforce profitable growth.
To ensure effective engagement with clients, Saudi Re’s client-focused structure includes dedicated underwriting teams directly interfacing with clients and gears to focus on markets with a deep understanding of the risk profile, regulating environment, culture and, most importantly, the clients’ distinctive business requirements in each market.
Saudi Re has established an ambitious digital transformation strategy to empower its underwriting and business operations by providing them with the right tools to operate from any device and location in order to provide its customers with the highest level of service. The strategy is centred on streamlined business processes, data transparency and consistency, analytics, mobility and business continuity.
Saudi Re has developed its social responsibility framework to evolve around sustainability standards and ESG principles and focuses on integrating sustainability across its functions. It is ranked first in ESG performance in the Saudi insurance market and ranked 16th among more than 180 listed companies on the Saudi Stock Exchange as per sustainability excellence.
International General Insurance (IGI)
International General Insurance (IGI) has been named one of the two joint winners in this category in recognition of its unrelenting commitment to excellence.
Established in 2002, IGI is truly a global insurer, with a network of more than 300 employees spread over six offices worldwide, listed on Nasdaq, and specialising in markets it truly understands.
The FY2021 financial results marked another excellent year for IGI as it reported consistently strong quarterly underwriting results and earnings. In 2021 IGI increased its GWP by 16.8% to $546m, expanding into new lines and markets. It also reported a record underwriting income and a combined ratio of 86.4% for the year. With its asset base now approaching $1.5bn, IGI expects to continue its strong performance in 2022, focusing on core strengths and capitalising on sector tail winds.
IGI strengthened its global offering when it received NAIC licence in 2020 to write E&S business in the country. In 2021, IGI continued its expansion into Europe with a new subsidiary in Malta. It has also opened an office in Bermuda in 2022 with a local-based team.
IGI is constantly improving and enhancing its core service offering using technology. Led by its chief technology officer, IGI will continue to improve efficiency and transition to more centralised data management in order to optimise operations and better service its clients.
As part of its corporate and social responsibility commitment, IGI further refined and advanced its corporate citizenship programmes in 2021 and began the transition to a more fulsome ESG strategy. During the year, the reinsurer continued to invest in the communities, supporting charitable causes that align with its values – education, health and the arts among them.
D&I also continues to be a critical focus at IGI, where its people are spread across many countries and cultures. Among the many initiatives, it supported the insurance industry’s Dive In Festival for D&I for the fourth consecutive year in 2021 and has been designated the country lead for future Dive In events in Jordan.