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- Emerson launches global LNG solutions center in Qatar
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29/05/2017 02:27 AST
The Mediterranean & Gulf Insurance & Reinsurance Co., a Saudi Arabian insurer known as MedGulf, is weighing putting itself up for sale, according to three people familiar with the matter.
MedGulf is working with the investment banking arm of Banque Saudi Fransi to evaluate strategic options for the company, two of the people said, asking not to be identified as the information is private. International insurers seeking access to the kingdom and large family firms within the country may be interested in the insurer, the people said.
MedGulf shares have fallen about 38 per cent this year, giving the Riyadh-based insurer a market value of about $446 million, according to data compiled by Bloomberg. No final agreements had been reached with any of the parties and MedGulf may still remain independent, the people said. MedGulf and Saudi Fransi Capital didn't immediately respond to requests for comment.
Saudi insurance companies are examining potential mergers to better compete in a crowded market. There are 35 insurance companies on listed on the Saudi stock exchange, according to data compiled by Bloomberg.
Malath Cooperative Insurance & Reinsurance Co. and Allied Cooperative Insurance Group in March reached a preliminary agreement to study the feasibility of a merger. The same month, Al-Ahlia Cooperative Insurance and Gulf Union Cooperative Insurance said they started initial talks for merger.
Gulfnews
25/09/2017
The Mediterranean and Gulf Insurance and Reinsurance Co. EGM held on Friday 22/09/2017 has approved the capital reduction. Thus, the fluctuation limits for The Mediterranean and Gulf Insurance and R
Tadawul
31/05/2017
The Mediterranean & Gulf Insurance & Reinsurance Co., a Saudi Arabian insurer known as MedGulf, denied it's considering putting itself up for sale.
MedGulf isn't exploring strategic option
Gulfnews
03/01/2014
A.M. Best Europe - Rating Services Limited has assigned the financial strength rating (FSR) of A (Excellent) and an issuer credit rating (ICR) of "a" to The Mediterranean & Gulf Insurance & Reinsuran
CPI Financial
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| BUPAARABIA | 170.60 | 10.20 (6.35 |
| TAWUNIYA | 134.80 | 8.20 (6.47 |
| ALRAJHITAKAFUL | 133.80 | 4.20 (3.24 |
| QATI | 1.91 | 0.03 (1.59 |
| RASAN | 77.90 | 2.10 (2.77 |
11/04/2025
QNB Group, one of the largest financial institutions in the Middle East and Africa (MEA) region, posted a first quarter (Q1, 2025) net profit of QR4.3bn ($1.2bn), an increase of 3% compared to same p
Gulf Times
11/04/2025
PureHealth Holding, the largest healthcare group in the Middle East, has announced, following its Annual General Assembly (AGM), shareholder approval for its first-ever dividend distribution since li
Khaleej Times
10/04/2025
The Dubai-based Al Ansari Financial Services is now the GCC's biggest non-banking financial services company.
The DFM-listed Al Ansari - which also operates the UAE's biggest remittance firm
Gulfnews
10/04/2025
Kuwait-based real estate development company Mabanee and global hospitality major Hilton has announced the signing of an agreement for the development of its prime project - Hilton Kuwait Resort - th
Trade Arabia
10/04/2025
Beyon Cyber, part of the Beyon Group, has been recognized with three major accolades at the 2025 Cyber Security Excellence Awards, one of the industry's most renowned awards, voted on by the global c
Trade Arabia
Financial Information Co.
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