Riyadh – Mubasher: Saudi Reinsurance Company (Saudi Re) has announced the formal establishment of its Audit Committee following the receipt of a non-objection letter from the Insurance Authority on 18 June.
The formation of the committee, which was initially approved by the company’s Board of Directors on 18 May 2026, marks a significant step in the firm’s governance framework for the current board term, which is scheduled to run through 10 May 2030.
The newly formed committee is comprised of five members, all of whom hold independent status, reflecting the company’s commitment to robust internal oversight and regulatory compliance. The committee includes both board members and external independent experts, bringing a diverse range of financial, risk management, and insurance sector experience to the oversight body.
Abdullah Saleh Al Harbi has been appointed as the Chairman of the Audit Committee. An independent member from outside the board, Al Harbi possesses over 18 years of experience in accounting, internal audit, and financial consultancy.
He currently serves on the board of the Saudi Institute of Internal Auditors and holds various committee chairmanships and memberships at entities including Wamid, Edaa, and the Human Resources Development Fund (HADAF).
He is a Certified Public Accountant (CPA) with a Master’s degree in Accounting and Finance from the University of Southampton.
Joining the committee as an independent board member is Kubra Ghulam Radhi, who brings 33 years of experience in banking and risk management.
Radhi, who also chairs Saudi Re’s Risk Management Committee, has extensive expertise in Basel II and III requirements and credit risk.
Her professional background includes board positions at United International Holding Company and Tasheel Finance. She holds a Master’s degree in Investment and Finance from the University of Hull and is a licensed CPA.
The committee also includes Chris Thomas Fischer Hirs, an independent board member with more than 45 years of international experience in the insurance and reinsurance industries.
Hirs has held numerous leadership and board roles within the Allianz Group and Cyber Re. His expertise spans underwriting, corporate finance, and strategic business development, supported by advanced executive education from IMD and INSEAD.
Yanal Mowaffaq Al Saoudi joins as an independent member from outside the board. With a career spanning three decades, Al Saoudi is a specialist in audit and governance across the financial services, telecommunications, and real estate sectors.
He currently chairs the audit committees at Ban Holding and Magrabi Health, and has previously served on Saudi Re’s audit committee. He is a CPA and an alumnus of the Harvard Business School executive program.
The fifth member, Waseem Ahmed Abdulhakim, is an independent expert from outside the board with 25 years of experience in financial management and healthcare.
Abdulhakim currently serves as the Chief Financial Officer of King Faisal Specialist Hospital and Research Centre. His background includes significant experience in IFRS financial reporting and strategic capital management. He is a Chartered Management Accountant (ACMA, CGMA) and a member of CIMA in the United Kingdom.
The effective date for these memberships is backdated to the initial board decision on 18 May 2026, following the formal clearance from the Insurance Authority.
Saudi Re recently announced its Chairman and Vice Chairman for the new four-year board term.
