SAMA Governor honors leaders for successful merger of insurance companies
Riyadh, November 02, 2023, Ayman Al-Sayari, the Governor of the Saudi Central Bank (SAMA), recently bestowed honors upon Prince Naif Al-Kabeer and the Chairmen of the Boards of Arabian Shield Insurance and Alinman, Abdulmohsen Al Fares, and Tokio Marine, as well as the CEOs Bassel Al-Abdulkareem and Kentaro Kita, marking the successful conclusion of their merger. This milestone marks the sixth merger within the Saudi insurance sector.
Abdullah Alhomaid, the General Manager of Insurance Control Supervision, was also recognized by the board chairmen for his exceptional contributions to facilitating the merger process.
Al-Sayari underscored that mergers in the Saudi insurance sector are the outcome of SAMA's regulatory and supervisory efforts. They play a pivotal role in advancing the sector's growth, enhancing its financial stability, and enabling it to manage risks through innovative insurance products. He further emphasized that mergers form an integral part of achieving the objectives outlined in Saudi Vision 2030 and the Financial Sector Development Program (FSDP), as they contribute to financial sustainability and bolster the private sector's expansion.
The SAMA Governor also pointed out that mergers and acquisitions empower companies to establish efficient and resilient entities capable of innovation and meeting the expectations of stakeholders and market participants.