Saudi Reinsurance Company (Saudi Re) has announced the appointment of Ahmed Al-Jabr as Acting Chief Executive Officer of the Company, effective April 1, 2024.
The company’s board members greenlighted the appointment on March 15, 2024, while the insurance authority granted its approval on March 21.
Al-Jabr, who has more than 25 years of experience in the insurance and reinsurance sector, currently holds the position of Deputy CEO at Saudi Re.
He has held a number of executive roles throughout his career, including as General Manager of Strategy Management in The Company for Cooperative Insurance (Tawuniya). He later joined Saudi Re in 2011.
Al-Jabr will be taking over the CEO role from Fahad Al-Hesni. A Saudi Re spokesperson commented: “We would like to express our heartfelt gratitude to Mr. Fahad Al-Hesni, the former MD/CEO, for his tremendous contributions during his tenure with the company, and we wish him the best of luck in his future ventures.”
The news of Saudi Re’s new CEO appointment comes shortly after the re/insurer announced the sale of its shareholding in Probitas Holdings (Bermuda) Limited and its subsidiary at a value of £120 million.
The re/insurer has also signed $36 million in reinsurance contracts with Probitas, with a duration of one year from January 1, 2024.
The estimated gross written premium (GWP) value is SAR 135.03 million, or USD 36 million. Saudi Re expects that these reinsurance contracts will positively impact GWP.
