Reference to the circular of the Insurance Authority dated 14/11/2024 in respect of the implementation of the new mechanism for the Reinsurance Cession to the Local Reinsurance Market, with a cession of at least 30% of each reinsurance Treaty Program (Quota-Share & Excess of Loss) and for each reinsurance Facultative Risk (Quota-Share & Excess of Loss) with effect of 01/01/2025, with the objective of increasing the insurance sector’s contribution to the local content in covering the risks.
Saudi Re, Tawnuiya, Walaa, MedGulf, Liva and GIG companies announced in Tadawul that the implementation of this mechanism would result in increasing the company’s revenues from the Saudi market.
Below are the companies’ announcements: