Mr. Resini Alresini - Deputy CEO of ReTech- was interviewed with Al Bayan Magazine, talking about the Saudi Market and ReTech's direction.
Below is the translated version:
ReTech Reinsurance Brokers is a Saudi-based reinsurance brokerage firm specializing in combining industry expertise with technological innovation. Licensed by the Saudi Insurance Authority, the company reflects a high level of regulatory compliance and demonstrates strong integration within the Kingdom’s advanced regulatory framework. ReTech is not merely an intermediary for information exchange, but a full operational partner.
The company aims to deliver InsurTech solutions that help clients improve coverage, reduce operational costs, and enhance return on capital. ReTech also has ambitious growth plans, with a strategic vision to expand across the Middle East and North Africa (MENA) region.
Leveraging an extensive international network, ReTech provides access to global reinsurance markets, enabling clients to negotiate competitive terms and conditions.
In an interview with Al Bayan, ReTech’s Deputy CEO, Mr. Resini Al-Resini, highlighted the company’s success in becoming the only reinsurance broker to operate a licensed platform approved by the Insurance Authority, through which it delivers digital reinsurance solutions. He emphasized that Saudi Arabia’s advanced infrastructure—particularly in cloud technologies and information systems—serves as a major attraction for foreign companies and supports digital transformation. He also noted that recent directives issued by the Insurance Authority to increase retention ratios have encouraged companies to strengthen their presence within the Kingdom, positioning Saudi Arabia as one of the leading markets in the sector.
How do you assess the first edition of the World Insurance Conference and Exhibition 2025?
The event represents an ideal platform that brings together insurance companies, regulators, brokers, and investors to exchange expertise and build partnerships, in addition to transforming ideas and visions into practical initiatives that contribute to market development. From our perspective, it is a valuable opportunity to connect with business partners.
Strengthening Our Market Position and Building Partnerships
Since your inception, you have focused on digital insurance services. How would you describe this journey and the challenges faced?
Certainly, we encountered several challenges at the outset, most notably introducing our partners to new business models based on smart technologies. However, Saudi Arabia’s advanced infrastructure—particularly in cloud computing and IT systems—has been a key driver for digital transformation and an attractive factor for foreign companies entering the market with advanced solutions. At the company level, we have successfully strengthened our market position and established partnerships with both local and international insurers rated (A).
Advanced Capabilities in Digital Insurance
What distinguishes ReTech from its peers in the market?
We are the only reinsurance brokerage firm in the market distinguished by InsurTech capabilities. We operate a licensed platform approved by the Insurance Authority through which we provide digital reinsurance solutions. In addition, we enable our partners to access their portfolios after policy placement and renewal, streamline procedures, and reduce administrative costs. Our platform operates under an “Open Kitchen” model, allowing partners to track requests from submission through premium collection and, if applicable, claims handling.
Added Value to the Market
The Insurance Authority has granted a license to establish a new reinsurance company in Saudi Arabia. How do you view this step?
The launch of Riyadh Re represents significant added value to the market. Moreover, the recent circular issued by the Insurance Authority to increase retention ratios has provided stronger incentives for companies to expand their presence within the Kingdom, reinforcing Saudi Arabia’s position as a leading reinsurance market—particularly as the Saudi insurance market accounts for more than one-third of the combined Arab insurance markets. The establishment of Riyadh Re, owned by Tawuniya, reflects the broader strategic direction toward developing the reinsurance sector in the Kingdom.
Partnerships and Technology Solutions
What are your future goals and aspirations?
Our future objectives will focus on strengthening partnerships with insurance and reinsurance companies, while further enhancing technology-driven solutions that deliver added value to insurers and positively impact the performance of their reinsurance portfolios.
Source: Al Bayan Magazine