Riyadh – Mubasher: Saudi Reinsurance Company (Saudi Re) has announced the formal appointment of its Chairman and Vice Chairman for the new four-year board term, according to a bourse disclosure.

Following the receipt of a no-objection notification from the Insurance Authority (IA), Turki Salman Al Sudairy has been designated as the Chairman of the Board.

Meanwhile, Talal Abdulaziz Al Shumaisi will serve as the Vice Chairman.

The newly elected board officially began its four-year tenure on 11 May 2026, with the term scheduled to conclude on 10 May 2030.

Both individuals hold the status of independent directors, reinforcing Saudi Re’s commitment to robust corporate governance standards.

The leadership appointments follow a structured governance process that commenced with the company’s extraordinary general meeting (EGM) held on 10 May 2026, where shareholders elected a new board of directors to oversee the company’s strategic and operational trajectory for the coming years.

As a regulated entity within the Saudi financial services sector, these appointments required formal clearance from the Kingdom’s insurance regulator.

Saudi Re confirmed that it received the necessary no objection from the Insurance Authority (IA) on 25 May 2026, effectively finalizing the appointments of Al Sudairy and Al Shumaisi.

As a specialized reinsurance provider, Saudi Re plays a critical role in managing risk and providing capital protection for primary insurers within the Kingdom and across international markets.

The board’s responsibilities over the next four years will include supervising the company’s risk management frameworks, financial reporting, and compliance with the evolving regulatory requirements of the Insurance Authority and the Capital Market Authority (CMA).

In the first quarter (Q1) of 2026, Saudi Re generated net profits worth SAR 46.72 million and revenue of SAR 560.17 million.