The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) has reduced its accumulated losses decreased to zero as of 29 June 2026.
In a statement on the Saudi Stock Exchange (Tadawul), the insurer said that it had used a portion of the company's share premium amounting to SAR224.97m ($60m) to eliminate the accumulated losses that amounted to SAR77.82m as stated in the company’s interim financial statements for the quarter ended 31 March 2026. It had obtained the approval of its shareholders for the move at an Extraordinary General Assembly on 29 June.
According to Moody’s Ratings, MEDGULF, incorporated in 2007 and headquartered in Riyadh, is one of the country's leading property and casualty insurers. The company has a strong position in the Saudi insurance market, underwriting primarily medical, motor, and property and casualty insurance products. As the fourth-largest insurer in Saudi Arabia, MEDGULF benefits from strong brand recognition and a well-established market presence. In 2025, the company completed its merger with Buruj Cooperative Insurance Company, enhancing its scale, market position, and business diversification within the Saudi insurance sector.