Company Profile:
Saudi Re for Cooperative Reinsurance Company is a Saudi joint-stock company and was listed in 2010 on the Saudi stock exchange. The company was founded in Riyadh in 2008 as a Cooperative full-fledged reinsurer company that is licensed by the Saudi Arabian Monetary Agency (SAMA).
Saudi Re offers facultative and treaty solutions both on a proportional and non-proportional basis. The company poses strong expertise in all cooperative reinsurance operations and all related activities including continuous reinsurance, agencies, representation, correspondence, and brokerage.
Challenge:
Saudi Reinsurance Company “Saudi Re” needed to ensure that the Board’s report includes all the operations during the last fiscal year and all factors are amended in compliance with the CMA requirements, avoiding violations of such norms. Make certain that the procedures are effectively implemented and administered in accordance with best practices related to the legal framework covering transparency and disclosure in the Kingdom of Saudi Arabia.
Solution:
Sager IR excelled with drafting the compliance to the regulations results of the annual review of the effectiveness of the internal control procedures of the Company and the opinion of the audit committee with respect to the adequacy of the Company’s internal control system. Submitting the content in both Arabic and English for the company.
Result:
Saudi Reinsurance Company complied with the legal norms within corporate governance terms; this way protecting the rights of its stakeholders. Therefore, submitting the compliance created value for their organizations and avoided penalties from CMA.