Najm for Insurance Services Company (Najm) has launched a new telematics initiative to improve road safety in Saudi Arabia. The motor services company has already partnered with a number of insurance companies to adopt the new telematics system.
Saudi Reinsurance Company has completed all procedures for the sale of its entire 49.9% stake in Probitas Holdings (Bermuda) to Aviva Insurance for GBP123m ($160m).
The Saudi government has launched the Cooperative Insurance Initiative to mitigate losses caused by plant pests and animal diseases in the agricultural industry.
The profit-generating activities of Al Rajhi Co for Cooperative Insurance (ART) are expected to support the company's capital adequacy over the next two years, says S&P Global Ratings (S&P).
The board of directors of Saudi Reinsurance Company has recommended an increase in the company's capital by issuing 26,730,000 new ordinary shares (representing 30% of the company's current capital) with a nominal value of SAR10 ($2.67) per share, with suspension of preemptive rights, at an offer price of SAR16 per share.
The net profit of Gulf Union Alahlia Cooperative Insurance Company improved to SAR125m ($33.3m) in 2023, versus a net loss of SAR18m in 2022 (restated on an IFRS17 basis), notes Fitch Ratings.
The Saudi Council of Health Insurance (CHI) and the Insurance Authority (IA) began implementing the decision to make health insurance mandatory for domestic workers registered with an employer if their number exceeds four people.
Howden, the global insurance intermediary group, and Allianz Trade, the world's leading trade credit insurer, have announced the signing of an Initial Framework Agreement with Saudi EXIM Bank to provide Credit and Political Risk insurance to exporters willing to seize business opportunities in Saudi Arabia through its Vision 2030 plan.
The Insurance Authority (AI) has approved on 2 June an application from Salama Cooperative Insurance Company to increase its capital by SAR100m ($26.7m) via a rights issue.
Increased deal volume and sophistication in Saudi Arabia, the recent slowdown of dealmaking in the more traditional markets of the United States and United Kingdom, and the increase in in-bound foreign investment have collectively resulted in a clear uptick in the usage of warranty and indemnity insurance (W&I Insurance) in Saudi Arabian transactions, says the global law firm, Kirkland & Ellis.