KSA - SAMA: 4 insurers discuss merger
Saturday, 09 21 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
Deputy Governor of the Saudi Arabian Monetary Agency "SAMA" for Financial Supervision, Dr. Fahd Al-Shathri, said that discussions are underway for two mergers between four companies in the insurance sector.
The talks between the four companies are still in their initial stages, Al-Shathri said, expressing hope that the sector will witness more mergers in the future.
Speaking at a session of Euromoney Saudi Arabia, he said that the mergers that have taken place in the Kingdom over the past period were based on the market situation in order to create added value.
He stressed the importance of mergers in the insurance sector, as it will result in new entities capable of meeting the requirements of the next stage, pointing out that the institution is working to support the sector with the necessary legislation and competencies.
Al-Shathri explained that the insurance sector is on the right track and is considered one of the pillars of the financial sector.