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Merger of two Saudi insurers completed

Posted On: Oct. 26, 2022 9:28 AM CST


The merger of Saudi Arabia-based insurers Walaa Cooperative Insurance Co. and SABB Takaful Co. has been completed, with all assets and liabilities of SABB Takaful transferred to Walaa, Middle East Insurance Review reported. The merger terms include a share swap where Walaa will issue over 20 million ordinary shares to SABB Takaful’s shareholders.