Saudi Central BankSaudi Central BankNewsSAMA Governor Honors Two Insurance Companies for Smooth Merger
SAMA Governor Honors Two Insurance Companies for Smooth Merger
11/2/2023 5:00 PM


H.E. Mr. Ayman Al-Sayari, Governor of the Saudi Central Bank (SAMA), honored H.H. Prince Naif Al-Kabeer and Mr. Abdulmohsen Al Fares, Chairmen of the Boards of Arabian Shield Insurance and Alinman Tokio Marine and their CEOs Mr. Bassel Al-Abdulkareem and Mr. Kentaro Kita following the completion of the two companies merger. This would be the sixth merger in the Saudi insurance sector.

Mr. Abdullah Alhomaid, General Manager of Insurance Control Supervision, was also honored by Chairmen of the Board for his distinguished efforts in making the merger process smooth.

“Mergers in the Saudi insurance sector are the result of SAMA's efforts in regulating and supervising the insurance sector. They contribute significantly to the development of the sector and strengthen its financial solvency, enabling it to manage risks through a range of innovative insurance products," Al-Sayari said. He added that mergers are important elements in achieving the objectives of Saudi Vision 2030 and the Financial Sector Development Program (FSDP) as they help promote financial sustainability and support the growth of the private sector.

The Governor also noted that mergers and acquisitions will enable companies create efficient and resilient entities that can innovate and meet the expectations of their stakeholders and market participants.​


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