Saudi Re anticipates boost in business with new reinsurance mechanism

Saudi Arabia-based reinsurer Saudi Re for Cooperative Reinsurance Co. said that the implementation of a new reinsurance cession mechanism on Jan. 1, 2023 will grow its written premiums from the Saudi market by over 5%, Middle East Insurance Review reported. The new requirement will enable the market to increase the retention of insurance premiums locally, reinvest them locally, and reduce dependence on foreign markets.

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