Proposed merger between Saudi Enaya and United Cooperative Assurance

Saudi Enaya Cooperative Insurance and United Cooperative Assurance have signed a non-binding Memorandum of Understanding (MoU) for a potential merger.

The companies will conduct operational, technical, financial, legal and actuarial due diligence on the terms and conditions of the transaction. If an agreement is reached, the deal will take the form of a share exchange between the two Saudi insurers.

Saudi Enaya has appointed Wasatah Capital as its financial advisor for the proposed merger with United Cooperative Assurance.