Riyadh: The Insurance Authority has granted a license to Riyadh Re to operate as a reinsurance company in Saudi Arabia.

According to Saudi Press Agency, CEO of the Insurance Authority Naji Al Tamimi noted that the authority’s licensing activity is part of its role to support and enable the insurance sector, enhance market effectiveness, and improve service quality. This includes expanding the number of licensed companies, advancing insurance and reinsurance products, and strengthening professionalism and transparency. These efforts, he added, improve market efficiency, support financial stability, and increase the sector’s contribution to economic growth, in line with Saudi Vision 2030 and the Financial Sector Development Program.