Saudi-based investment fund takes stake in London-based underwriter

Public investment fund portfolio company Saudi Re has acquired a minority stake in London-based specialty underwriting business Ada Risk.

Founded in 2023, Ada Risk specialises in energy, marine, cargo specie and aviation classes.

Saudi Re said acquiring a share in the firm is part of its global growth strategy and would strengthen its foothold in the Lloyd’s market.

Ahmed Al-Jabr, chief executive at Saudi Re, said: ”As a differentiated specialty Lloyd’s underwriting platform led by an experienced and results-driven management team, Ada Risk 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. Furthermore, it drives our global growth strategy forward and aligns with our goals to diversify our portfolio and develop specialty reinsurance solutions, creating value for its shareholders and clients.”

Expansion

Saudi Re also said the deal would help Ada Risk “establish itself as a differentiated, high quality specialty underwriting platform within the Lloyd’s market”.

Natasha Jodrell, chief executive at Ada Risk, said: ”We are delighted to welcome Saudi Re as a strategic partner, a business with whom we have worked closely since Ada Risk was first established in 2023.

“This partnership will be instrumental as we continue to expand our underwriting platform and execute on our long-term strategy at Lloyd’s.”