Zain KSA, a leading Saudi Arabian telecommunications and digital services company, has officially entered the InsurTech space through a strategic joint venture with global insurance specialist Prevensure.
Through Al Sayra Holding Company, its wholly owned financial investment arm, Zain KSA has acquired a majority stake in Green Shield Insurance Brokers (GSIB), a Saudi-based brokerage firm, according to a statement released by Zain KSA.
Insurance broking JV
Al Sayra Holding now owns a 60% stake in GSIB, with the remaining 40% acquired by Prevensure. The deal, approved by Saudi Arabia’s Insurance Authority (IA), marks a significant milestone in Zain KSA’s ongoing evolution from telecom operator to an enabler of tech-enhanced lifestyles in a digital economy.
Under the partnership, GSIB will transform into a next-generation insurance brokerage, offering both traditional and digital insurance solutions for individuals and enterprises across Saudi Arabia. Integrating Zain KSA’s advanced digital ecosystem with Prevensure’s global expertise in insurance and risk management, it will improve access to insurance services, unlock new business models, and enhance financial inclusion across the Kingdom.
InsurTech
Mr Saad bin Abdulrahman Al-Sadhan, CEO of Zain KSA, said, “Through Al Sayra Holding Company, Zain KSA is expanding into InsurTech as part of our strategy to enhance our investments in telco-adjacent sectors and strengthen our role as a digital lifestyle enabler. This JV with Prevensure will scale GSIB into a digitally powered platform offering agile, customer-centric, and future-ready solutions.
“InsurTech in Saudi Arabia is a promising sector, expected to grow at a CAGR of 31% over the next few years, and our entry into this space reinforces our confidence in its potential. This investment contributes to our mission of supporting Saudi Vision 2030’s goals, particularly in digitalising financial services and developing a resilient and inclusive financial ecosystem.”
Mr Jean-Pierre Assaf, chairman and Group CEO of Prevensure Group, said, “This joint venture marks a major milestone for Prevensure as we continue our expansion across the Middle East. Together with Zain KSA, a pioneer in digital transformation, we are committed to bringing innovation, expertise, and confidence to the Saudi insurance market.”
Prevensure is a privately owned Cyprus-based regional holding group that provides insurance and reinsurance broking services, underwriting services, and bespoke risk management solutions.