Proposed merger between Buruj and MedGulf

Buruj Cooperative Insurance and Mediterranean and Gulf Insurance and Reinsurance (MedGulf) signed a memorandum of understanding on 27 July 2024 for a possible merger.

The two companies will conduct financial, tax, legal and actuarial due diligence on the terms and conditions of the transaction.

The deal will be carried out through a share exchange between the two companies.

Once the merger is completed, MedGulf will act as the absorbing company, while Buruj will be the merged entity.

The transaction is subject to the signing of a definitive agreement between the two insurers, as well as the approval of the relevant authorities and the shareholders of both companies.