AdA Announces Strategic Partnership with Saudi Re

Transaction

2 minutes

14 July 2026

Company and Transaction Overview

On July 14th, 2026, AdA Risk Holding Co Limited (“AdA”) announced a strategic minority investment from Saudi Reinsurance Company (“Saudi Re”)

  • Terms of the transaction have not been disclosed

AdA is a London-based specialty underwriting business focused on delivering disciplined, high-quality underwriting across Energy, Marine, Cargo, Specie, and Aviation classes

  • AdA was founded in 2023 by Natasha Jodrell, James Grainger, and Paddy Riordan with the ambition of building a leading specialty Syndicate at Lloyd’s
  • The business launched as a Special Purpose Arrangement (“SPA”), sponsored by Probitas 1492 and managed by Probitas Managing Agency for the 2024 year of account. AdA subsequently graduated to full Syndicate status for the 2026 year of account

The partnership with Saudi Re strengthens AdA's capital base, providing the financial capacity to accelerate the growth and scaling of its Lloyd's underwriting platform and capabilities

  • The investment also facilitates the buy-out of Aviva’s minority stake in the business

Saudi Re, a Public Investment Fund portfolio company, is listed on the Saudi Exchange and is one of the leading reinsurance companies in the region, with capital of SAR 1.7 billion (~$450mm USD)

  • Saudi Re operates in over 40 markets across the Middle East, Asia, and Africa through its headquarters in Riyadh and branches in Malaysia and India
  • The business operates under the supervision of the Saudi Arabian Insurance Authority

Howden Capital Markets & Advisory Role

HCMA is acting as exclusive financial advisor to AdA; key roles and responsibilities include:

  • Engagement with investment partners
  • Preparation of Investor Presentation, financial modelling and articulation of the financial profile of AdA
  • Assisting AdA management with due diligence process
  • Advising on key transaction terms and conditions including ultimate deal structure
  • Providing objective advice and acting as a sounding board to AdA management throughout the process
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