Saudi Central Bank licenses ReTech to provide online reinsurance brokerage services
The Saudi Central Bank (SAMA) has announced that it has licensed ReTech Reinsurance Brokers Co for a soft launch phase to provide online reinsurance brokerage services.
According to the announcement, this reflects SAMA’s endeavor to support both insurance and fintech sectors, as well as promote innovative financial solutions for financial inclusion across Saudi Arabia.
ReTech offer a variety of solutions, from treaty to facultative, boasting capabilities to serve across all lines of business.
The company has a particular focus on property, engineering, and financial lines.
The company is also committed to carrying out all of its operations within its own platform, aiming not to disturb their clients’ own operations.
Further, ReTech also aims to bring up tailored treaty structure and optimize coverage.
This includes aiming to reduce uncertainty in underwriting, keep capacity sufficiently utilized, and to maximize return on capital
At the same time, the company is also dedicated to tap global markets, as well as find the most competitive terms for its clients.
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