Shareholders approve merger of Saudi Arabian insurers

Shareholders of Saudi Arabia-based insurers Walaa Cooperative Insurance Co. and SABB Takaful Co. have agreed for the merger of the two companies, Middle East Insurance Review reported. As part of the transaction, Walaa will raise its share capital to 851 million Saudi Arabian riyal ($227 million), of which 24% will go to SABB Takaful's shareholders, while the latter’s assets, liabilities, and rights will be transferred to Walaa.