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Saudi Reinsurance Company
Done by: Faten Al-Mohsin Asma Al-Otaibi
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Outline Company background Products Vision and mission Objectives
SWOT analysis Background on the industry Target markets Our assessment
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Company Background Its full legal name is “Saudi Re for Cooperative Reinsurance Company”. Saudi Re- is a joint stock company, established in Riyadh in 2008. It's considered as the first reinsurance company founded in Saudi Arabia licensed by the Saudi Arabian Monetary Agency (SAMA). Paid up Capital of SR 1 Billion.
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Products Saudi Re provides life and non-life reinsurance products under the Censorship of (SAMA). These products are provided on facultative and treaty basis in most of business classes in Saudi Arabia and all over the world. They have strong expertise in Property, Engineering, Casualty, Marine, Motor, life and Health. They offer their products with a range of Shariah Compliant reinsurance solutions to the Takaful industry.
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Vision and mission Vision:
To create a professional and constantly learning organization that will provide a real regional alternative to the global players. Mission : To leverage its strong regional platform and influence to expand on a global scale in markets where profitable opportunities are identified.
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Objectives To build a reinsurance company in the middle East region that is technically innovative and superior and going to become a regional leader. To develop the company financially for the benefit of its shareholders and customers.
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SWOT analysis Weaknesses Easy to use system. increasing competition.
Strengths Easy to use system. process automation and integrating. A strong competitor for other reinsurance companies. Automated workflow. Online data access. Improve business practice. Weaknesses As we analyzed, there are no gaps. All of the requirements are fit and professionally provided. Opportunities Bankrupt their competitors. provide skilled workforce so that they can be moved and trained into other areas of the business. installing broadband technology in the area for the internet users. Threats increasing competition. Increasing interest rates. Local authority refusing plans for future building expansion
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Background on the industry and the company’s position in this industry
Reinsurance is an arrangement in which an insurance company can enter into a contract with a reinsurer to indemnify the insurance company against all or portion of the primary insurance risks that it has underwritten.
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Reinsurance provides insurance companies with additional underwriting capacity by permitting it to accept larger risks and write more business without an increase in capital and surplus. Insurance companies rely on reinsurance because of six things.
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Target markets Saudi Re has a diversified portfolio of facultative and treaty proportional and non-proportional business serving clients in more than 20 countries. Saudi Re enjoys professional relationships with almost all active insurance companies in Saudi Arabia.
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Saudi Re has always demonstrated commitment to serving the region that because it have the highest capitalized reinsurer in the Arab World (Paid-up capital of SAR 1 Billion), Saudi Re is very well positioned to offer first class security in treaty and facultative in both proportional and non-proportional businesses. Saudi Re writes business in selected markets in Asia and Africa and has developed a range of Sharia compliant reinsurance solutions which cater for the conventional and the Takaful and Re-takaful industry. Saudi Re delivers its services directly or through its network of approved brokerage firms.
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Our assessment We think that it will be successful in the reinsurance filed because it is the first company that specialized on it. In the last five years, the could proved their existence and put their footprint in the Saudi and global markets. They were able through their strong experience, to build well relationships with customers and attract them, make the profit they were planning for, and satisfy their shareholders’ and customers’ requirements.
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Thanks for your attention
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