Saudi Reinsurance Company (Saudi Re) will acquire a 22.5% equity stake in the United Kingdom’s Ada Risk Holding for 8.95 million pounds (USD 12 million), after receiving approval from the Kingdom’s insurance authority.
Saudi Re said the transaction will be financed from its own capital resources, with the acquisition supporting its expansion into international markets and accelerating growth.
The Saudi-listed firm said it is also looking to strengthen its presence in the Lloyd’s market, a UK-based insurance and reinsurance hub where Ada Risk operates Syndicate 2024, to develop specialized reinsurance solutions and diversify its underwriting portfolio.
London-registered Ada Risk is a holding company focused on underwriting, risk management, and the global aerospace and aviation insurance sector. Syndicate 2024 underwrites energy, marine and energy liability, ports and terminals physical damage, cargo and freight, aviation war, aviation all-risks, and specie business. The syndicate graduated from special purpose arrangement to full status in 2025 and received permission to underwrite for the 2026 year of account, having added several senior hires over the past year.
Saudi Re already operates in more than 40 countries across the Middle East, Asia, Africa, and the Lloyd’s market and holds an A-minus rating from S&P Global and an A3 from Moody’s. The reinsurer has been on an expansion drive since Saudi Arabia’s Public Investment Fund completed a capital increase in January 2025, taking a 23.08% stake and lifting Saudi Re’s capital base from SR891 million to SR1.15 billion. That deal was aimed at strengthening the firm’s financial stability and credit profile as the national reinsurer.
The Ada Risk investment extends Saudi Re’s reach into specialist Lloyd’s underwriting, an area increasingly targeted by GCC-based (re)insurers seeking exposure to aviation, marine, and energy risk outside their home markets. It also follows a broader trend of Gulf insurers and sovereign-backed investors deepening ties with the Lloyd’s market as a route to diversified, internationally rated underwriting capacity.