Malath extends agreement to study merger with ACIG

07/03/2018 Argaam

 

Malath Cooperative Insurance Co. and Allied Cooperative Insurance Group (ACIG) have extended their initial agreement to study the feasibility of a potential merger for six months starting from March 7, 2018, Malath said in a statement Wednesday. 

 

The step comes as the two firms are yet to sign a memorandum of understanding (MoU)  regarding the merger.

 

The two Saudi insurers started initial talks to study the merger one year ago and agreed to carry out the related technical, financial, and legal studies. 

 

Although the Saudi insurance market is one of the largest in the Arab Gulf region, some of its smaller firms have suffered the erosion of 50 percent or more of their capital. 

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