Two Saudi insurers explore potential merger
Posted On: Dec. 8, 2022 9:09 AM CSTSaudi Arabian insurers United Co-operative Assurance Co. and Saudi Enaya Cooperative Insurance Co. have signed a non-binding memorandum of understanding to evaluate a potential merger, Middle East Insurance Review reported. If the proposed merger occurs, it will be carried out through a share swap deal, where United would issue new shares to Saudi Enaya shareholders in exchange for the latter’s issued shares.