Tawuniya secures approval to establish reinsurer Riyadh Re

The Company for Cooperative Insurance (Tawuniya) has received a license from the Saudi Insurance Authority (IA) to establish a reinsurance company in Riyadh, the Saudi capital.

Named Riyadh Reinsurance Company (Riyadh Re), the new entity will operate as a wholly owned subsidiary of Tawuniya, with a share capital of 550 million SAR (146.6 million USD).

Riyadh Re will provide treaty and facultative reinsurance solutions across the property damage, finance, and cyber risk sectors.

Fahad AlHesni has been appointed Chief Executive Officer (CEO) of Riyadh Re.