Saudi Reinsurance Company (Saudi Re) has received approval from the Saudi Insurance Authority to acquire a 22.5% stake in the UK’s AdA Risk Holding Co Limited, operator of Lloyd’s AdA Syndicate, for £8.95 million.
The pair said this strategic minority investment is a natural development of Saudi Re’s established relationship with AdA.
The acquisition, which will be funded by Saudi Re’s own financial resources, is expected to support the reinsurer’s international expansion plans and accelerate global growth by strengthening its presence in Lloyd’s, the world’s oldest insurance and reinsurance market.
Saudi Re also hopes the collaboration will enhance its ability to develop specialist reinsurance solutions, diversify its underwriting portfolio and leverage expertise, market access and capabilities within Lloyd’s markets.
“Partnering with AdA marks an exciting new chapter for Saudi Re. As a differentiated specialist Lloyd’s underwriting platform led by an experienced, results-driven management team, AdA We are well positioned for a bright future. This strategic investment builds on our past success and strengthens Saudi Re’s foothold in the Lloyd’s market. Additionally, it drives our global growth strategy and is aligned with our goals to diversify our portfolio and develop specialized reinsurance solutions that create value for our shareholders and customers.” Ahmed Al-Jabr, Chief Executive Officer, Saudi Re.
Lloyd’s and regional marine and specialist insurer AdA revealed late last year that Syndicate 2024 had been licensed to underwrite the Lloyd’s 2026 account after being upgraded from SPA to full Syndicate status.
This investment by Saudi Re is seen as an important milestone in the company’s development journey and will enable the company to further establish itself as a differentiated, high-quality specialist underwriting platform for Lloyds.
Natasha Jodrell, chief executive of AdA, added: “We are delighted to welcome Saudi Re as a strategic partner, with whom we have worked closely since AdA was first established in 2023. This partnership will be instrumental as we continue to expand our underwriting platform and execute on Lloyd’s long-term strategy.”
