Mutakamela Insurance Company has announced the launch of its new identity and brand name "Mutakamela". This comes after obtaining the necessary regulatory approvals and shareholder consent.
Mutakamela is the new identity and brand of Allianz Saudi Fransi Cooperative Insurance Company. The launch of new brand and identity comes after the UAE-based Abu Dhabi National Insurance Company (ADNIC) completed the acquisition of a 51% stake in the insurer in April 2024.
According to a company statement issued on 26 December 2024 and lodged with Tadawul, the Saudi stock exchange, it has also completed all required regulatory procedures and received the updated commercial registration with the new name “Mutakamela Insurance Company".
The statement said, “The acquisition will make ADNIC one of the Tier - 1 listed insurers in Saudi Arabia, strengthening its position as a leading insurer in the Gulf region. As part of its strategic growth strategy, ADNIC has been actively exploring opportunities and expanding its geographical footprint.
“ADNIC will now have active field operations in the two largest and fastest growing insurance markets in the Gulf and broader Middle East and Africa regions.”