PIF to acquire a 23% stake in Saudi Re.

PIF, a sovereign wealth fund, agreed to acquire a 23% stake in Saudi Re, a reinsurance company. Financial terms were not disclosed. “We are delighted to welcome PIF as a strategic investor and look forward to its role in enabling Saudi Re’s strategy and reinforcing its position as a national reinsurer, while further strengthening its presence regionally and globally. This investment will provide us with multiple benefits, including boosting our financial position and unlocking opportunities for expansion and growth,” Ahmed Al-Jabr, Saudi Re CEO.