Saudi Reinsurance Company is set to acquire a strategic 22.5% stake in British company AdA Risk Holding, which owns the operating rights for Syndicate 2024 in the Lloyds insurance market, following the go-ahead from the kingdom’s Insurance Authority.

The strategic deal, sealed last month, is worth £8.95 million ($12 million), stated Saudi Re in its bourse filing. It is fully financed from the reinsurer’s own resources.

This acquisition comes as part of Saudi Re’s global expansion strategy, as it will help boost its presence in the Lloyds market, the world’s largest specialist insurance market, thereby supporting the development of specialised reinsurance solutions, diversifying its insurance portfolio, and benefiting from the expertise and capabilities available in the British market.

The transaction positions AdA to further establish itself as a differentiated, high-quality specialty underwriting platform within the Lloyd’s market.

Saudi Re said that the financial impact of the transaction will start appearing from the third quarter of 2026, through the inclusion of its share in AdA’s results.

On the strategic move, CEO Ahmed Al Jabr said: “Partnering with AdA marks an exciting new chapter for Saudi Re. As a differentiated specialty Lloyd’s underwriting platform led by an experienced and results-driven management team, AdA is primed for a strong future. This strategic investment builds upon our past success and strengthens Saudi Re’s foothold in the Lloyd's market.”