Liva Insurance Company (Liva KSA) has entered a non-binding memorandum of understanding (MoU) with Malath Cooperative Insurance Company (Malath Insurance) to explore a potential merger. Under the majority ownership of Liva Group, Liva KSA reported a gross written premium (GWP) of SAR 522 million ($139 million) last year. Malath Insurance, established in 2007 and listed on the Tadawul, recorded a GWP of SAR 871 million ($232 million) in the same period. The chairmen of both companies, Tariq AlNaeem of Liva KSA and Bader Al-Ali of Malath Insurance, highlighted the strategic synergies and enhanced customer offerings that the merger could bring. The companies will proceed with due diligence in accordance with Saudi Arabia’s Companies Law and Merger and Acquisition Regulations. The MoU remains valid for one year or until the merger agreement is concluded.
Insurance, Financial Services,Saudi Arabia
https://mergersacquisitions.einnews.com/article/737441855/jp2vChdi4YhGpGT7?ref=rss&ecode=Q1vNcweEggLWKz7L