Saudi Re Wins Approval for SAR 45.14M UK Stake Buy

Saudi Reinsurance Co. received a no-objection from the Saudi Insurance Authority on July 13 to buy a 22.5% stake in UK-based AdA Risk Holding, the company said in a statement. The deal is valued at SAR 45.14 million.

Saudi Re said the minority investment supports its strategy to expand outside the domestic market and into international reinsurance broking. AdA Risk Holding runs a London-based reinsurance broker.

The company did not disclose a timeline for closing the transaction. The regulatory clearance covers the Saudi side only. The acquisition remains subject to any required approvals in the United Kingdom.

The no-objection letter was dated July 13.