Abu Dhabi-headquartered BlueFive Capital yesterday announced the launch of BlueFive Insurance, a dedicated platform to lead the consolidation, digitisation, and specialisation of the insurance industry across the Gulf Cooperation Council (GCC) and beyond.
S&P Global Ratings has revised its outlook on Saudi Reinsurance (Saudi Re) to positive from stable. At the same time, the global credit rating agency affirmed the reinsurer's 'A-' long-term issuer credit and insurer financial strength ratings and 'gcAAA' Gulf Cooperation Council regional scale rating on the company.
A new cross border digital vehicle insurance plan has been launched for travellers between Saudi Arabia and the UAE and will be available through familiar government digital platforms, enhancing convenience and digital adoption.
The Insurance Authority has launched a proposal to amend an article in the Executive Regulations of the Cooperative Insurance Companies Control System.
The combined net profit of 75 listed GCC insurers remained steady at $1.7bn in the first nine months of this year (9M2025), with mirroring trends from the first half of the year, according to a report by research and consulting firm Insurance Monitor and Lux Actuaries and Consultants.
Salama Cooperative Insurance Company has announced on the Saudi Stock Exchange that the Insurance Authority has granted its approval for the insurer's merger with Enaya Saudi Cooperative Insurance Company.
Shory United Insurance Company, a digital insurance platform affiliated with the UAE's First.tech, has received regulatory approval from the Insurance Authority (IA) of Saudi Arabia to conduct its activities there.
Newly-established reinsurer Riyadh Reinsurance Co (Riyadh Re) is predicted to generate net profits of about SAR30m ($8m) to SAR60m per year in 2026-2028, assumes S&P Global Ratings (S&P) in its base-case scenario.
The insurance industry in Saudi Arabia will start its transition to a risk-based capital (RBC) regime next year, with full adoption targeted for 2027, said the CEO of the Insurance Authority (IA) at the ingate Global Insurance Conference & Exhibition that was held last week.
Newly launched Riyadh Reinsurance Company (Riyadh Re) has appointed Mr Belhassen Tonat as CUO, effective November. He will be based in the company's headquarters in Riyadh.