Shareholders of General Cooperative Insurance (GGI) have approved a recommendation by the board of directors for the insurer to continue its operations after its accumulated losses exceeded half of its SAR300m ($80m) paid-up capital.
Saudi Arabia's Council of Ministers have approved the National Insurance Sector Strategy, developed by the Insurance Authority to unlock the sector's full potential and position the Saudi insurance market among the world's fastest-growing and most advanced.
audi Export-Import Bank (Saudi EXIM) has signed a first-of-its kind critical metals master insurance policy with Trafigura Group, a market leader in the global commodities industry, to support multi-year prepayment transactions with mining companies worldwide, with an expected value of up to SAR3bn ($800m).
Saudi Reinsurance Company (Saudi Re) yesterday launched a branch in Gujarat International Finance Tec-City (GIFT City) in Mumbai, having obtained the approval of the Saudi Insurance Authority and the relevant Indian authorities to open the branch to conduct reinsurance business.
Bupa Arabia for Cooperative Insurance Co's (Bupa Arabia) board of directors has recommended a corporate restructuring through a demerger into two companies.
Chubb Arabia Cooperative Insurance has announced that its board of directors has granted in-principle approval to participate in a 10% equity investment in a new reinsurance company in Saudi Arabia.
The United Cooperative Assurance Company has announced the issuance of a Board of Directors resolution that appoints Mr Marwan bin Mohammed Al-Hazmi as Acting CEO of the company.
Enaya Cooperative Insurance Company (Enaya) has emphasised the importance of its proposed merger with Salama Cooperative Insurance Company (Salama) in an invitation to shareholders to attend an extraordinary general meeting on 4 January 2026 to vote on the merger.
Arabia Insurance Company (AIC) has a track record of profitable, albeit volatile, operating performance, with positive results reported in four of the past five years (2020-2024). However, results in 2023 and 2024 have been lacklustre, with the company reporting return-on-equity (ROE) ratios of 1.4% and 3.9%, respectively, AM Best noted.
Jeddah-headquartered multilateral financial institution, Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), has approved insurance coverage of EUR135m ($156.96m) against non-performance of sovereign financial obligations (NHSFO) in support of the Kars-Igdir-Aralik-Dilucu (KIAD) high-standard railway project in Turkiye.