The Cooperative Insurance Company (Tawuniya) has obtained the necessary license from the Insurance Authority (IA) to establish its new, wholly-owned subsidiary, Riyadh Reinsurance Company (Riyadh Re).
With a focus on Treaty & Facultative reinsurance, the reinsurer aims to help primary insurers manage large-scale exposures through collaborative reinsurance frameworks.
Its offerings are designed to provide bespoke reinsurance solutions; comprehensive coverage for commercial and industrial assets including catastrophe risk mitigation, reinsurance for long-term, capital-intensive projects across energy, real estate, infrastructure, logistics and utilities.
Fahad AlHesni, CEO of Riyadh Re, stated: “Riyadh Re provides Facultative and Treaty reinsurance solutions across diverse lines of business, including Property & Casualty, Engineering, Construction, Marine, Energy, Aviation, Financial, and Cyber risks.
“With a Phase 1 focus on Saudi Arabia, GCC, and MENA markets, Riyadh Re will build strong regional partnerships and develop localized risk capabilities. In Phase 2, the company aims to expand across global markets, establishing itself as an internationally recognized reinsurer with Saudi roots.
“With a deep underwriting expertise, advanced technology platforms and data-driven analytics, we are building a national reinsurance champion with global standards contributing to the development of the Saudi Insurance sector.
Riyadh Re launched today at the Global Insurance Conference & Exhibition Ingate in Saudi Arabia, and marks a major milestone in the advancement of the Kingdom of Saudi Arabia’s reinsurance landscape.
Its parent company, Tawuniya, is a Saudi Joint Stock Company incorporated on January 18th, 1986. The company’s issued and paid-up capital amounts to SAR 1.5 billion.
It is the first national insurance company licensed in the Kingdom of Saudi Arabia to practice all types of insurance business in accordance with the cooperative insurance principle that is accepted by Islamic Sharyia.
Tawuniya is licensed, regulated and supervised by the Insurance Authority and it offers customers more than 90 types of insurance.
With 38 years of experience, the company is known for its wide range of offerings, including medical, motor, fire, property, engineering, casualty, marine, aviation, Takaful, liability insurance, and many other types of insurance.
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