Saudi Arabia: Al Ahli Takaful and CHUBB Arabia agree to hold preliminary merger talks
Source: Middle East Insurance Review | Mar 2020
Jeddah-based Al Ahli Takaful said its board of directors has resolved to enter into preliminary discussions with Chubb Arabia Cooperative Insurance to study the possibility of merging the two companies.
If a merger discussion is agreed on, both companies will sign a non-binding MoU to evaluate a potential merger between them, but it will still be necessary to obtain official regulatory approvals before completing the merger.
Chubb Arabia is one of the largest capacity multi-line property and casualty insurers operating in Saudi Arabia.
With offices in all three major cities of the country, namely Al Khobar, Jeddah and Riyadh, Chubb Arabia provides commercial property and casualty insurance, personal accident and group life insurance to a range of clients. M