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Date Title  
06 November 2007 The Council of Ministers of Saudi Arabia approves the establishment of Saudi Re

First Reinsurance Company in Saudi Arabia
16 March 2008 Saudi Re IPO attains 2,379,000 subscribers

After the closure of Saudi Re IPO in which 40 million shares representing 40% of the share capital were offered to the Public at par value of SR 10 per share, Mr. Mousa Al Rubaian, president of the Founders Committee declared that "the number of subscribers attained 2,379,000 with a subscription value of SR 1.443 billion. This amount represents 3.6 times the value of the offered shares. The number of applications was 561,000."
 
Mr. Al Rubaian added "the high demand from the subscribers reflects the public interest in Saudi Re especially that the subscription value was high from the first day of the IPO and continued in the same way during the remaining days which ended on 15 March 2008".
 
Mr. Al Rubaian extended the thanks of the Founders Committee to all those who contributed to the successful IPO especially to the Authorities including His Majesty’s Government, SAMA, the CMA and the Ministry of Commerce and Industry.
21 April 2008 Saudi Re Founding Assembly Meeting

The Saudi Re Constituent Assembly held its meeting on the 20th of April 2008 in attendance of representatives of the founders and the subscribers led by Mr. Mousa Al-Rubaian, President of the Founders Committee, and in presence of the Ministry of Commerce and Industry representative.
 
Mr. Al-Rubaian thanked the founders and the subscribers for their confidence and cooperation which granted success to the Committee in its mission.
 
The various items of the agenda of the Constituent  Assembly were discussed in detail and agreed, including the Articles of Association, the selection of the company's auditors, the opening Balance Sheet and the election of the Board of Directors which is as following:
 
1-    Mr. Mousa Al-Rubaian,
2-    Mr. Saudi Algosaibi,
3-    Mr. Nouhad Taleb, (representing A.H. Algosaibi)
4-    Mr. Mohammed Al-Sheikh,
5-    Mr. Ahmed Sabbagh,
6-    Dr. Yahya Al-Yahya,
7-    Mr. Georges Lorenz,
 
After the Constituent Assembly. The Board held its first meeting and elected Mr Mousa Al-Rubaian as Chairman and Mr Saud Algosaibi as Vice Chairman. Mr Nouhad Taleb was appointed as CEO.
17 May 2008 Saudi Re’s public share trading on the 24th of May 2008

The Capital Market Authority (CMA) announced that Saudi Re's public shares will start trading in Tadawul on Saturday the 24th of May 2008.  The public shares represents 40% of Saudi Re's share capital which totals 40,000,000 share.
05 August 2008 SAMA gives operating license to Saudi Re

The Saudi Arabian Monetary    agency has issued a license to operate to the first reinsurance company established in Saudi Arabia, Saudi Re. Mr Mousa Al-Rubaian, Chairman of the Board of Directors, declared: “We are very glad for this most important milestone for Saudi Re, and also for the whole Insurance Industry in Saudi Arabia, and would like to express our thanks for SAMA for the efforts deployed in this respect; we are more than happy to note SAMA’s support and contribution for the whole sector and their appreciation of the resources Saudi Re will deploy to the benefit of the Insurance industry in Saudi Arabia and also in the Arab Countries. With it’s paid up capital of SAR 1billion, Saudi Re capital is among the largest not only in the Arab World, but also in the developing countries. Saudi Re has appointed a team of experts to handle professionally the needs of its clients; it further ensured the placements of its retrocession agreements with, at least, A- rated securities. Saudi Re will offer, from its Head office in Riyadh, a large variety of traditional reinsurance and Takaful products for its clients in the Saudi and Arab markets.
 
Saudi Re is offering young Saudis the possibility to develop a career in this new and challenging industry with a strong international flavor. Saudi Re IPO was over subscribed by 350%.    
12 October 2008 Standard and Poors rating

Standard and Poors assigns a "BBB+ with   stable outlook" financial strength and counterparty credit ratings to Saudi Re, which is the highest rating provided, up to now, to an Arab Reinsurance Company.
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