Saudi Enaya Cooperative Insurance Company (Enaya) and Salama Cooperative Insurance Company (Salama) announced yesterday that the General Authority for Competition has issued a no-objection to a proposed merger between the two insurance companies.
The two companies said this in separate statements to the Saudi Exchange (Tadawul). They also said that the merger deal is still under review, and no binding agreement has been signed to date.
The completion of the deal will be subject to a number of conditions, including obtaining approvals from regulatory authorities, including the Insurance Authority, the Capital Market Authority, and the Saudi Exchange, in addition to the approval of the two companies' shareholders.
The two companies confirmed that any material developments related to the proposed merger deal will be disclosed in due course.
In February 2025, the two insurers signed a memorandum of understanding to evaluate a potential merger between them.