Walaa Cooperative Insurance Co has received a no-objection letter from the Insurance Authority to acquire 88% of Aspire Underwriting Agency.
The acquisition would be acquired at approximately SAR68m, Walaa said in a statement lodged yesterday with the Saudi Exchange.
Aspire is a Managing General Agent (MGA) based at the Dubai International Financial Centre (DIFC).
Walaa said in the statement lodged with Tadawul, “This acquisition is in line with Walaa's desire to expand and diversify its incoming reinsurance business. The deal is subject to approval by the Dubai Financial Services Authority.”
The acquisition is expected to make a positive impact on Walaa’s financial results starting at the end of the fourth quarter of 2025.