In a strategic move to expand its footprint in Saudi Arabia, Oman-based Liva Group’s Saudi unit, Liva KSA, is considering a merger with Malath Cooperative Insurance. Both firms, listed on Tadawul, have signed a non-binding memorandum of understanding (MoU) to evaluate the potential merger. Liva KSA, a subsidiary of Liva Group, closed 2023 with 522 million SAR ($139 million) in gross written premiums (GWP), while Malath Insurance reported 871 million SAR in GWP for the same period. Khalid Al Zubair, Chairman of Liva Group, stated that expanding the Group’s presence in the kingdom is integral to their growth strategy, aiming to become the insurer of choice throughout the GCC.
Insurance, Financial Services,Saudi Arabia, Oman
https://www.zawya.com/business/banking-and-insurance/oman-based-liva-groups-saudi-unit-mulls-merger-with-malath-insurance-w4x4llpb