Saudi Insurance Authority approves ACIG capital increase

Allied Cooperative Insurance Group (ACIG) has secured approval from the Saudi Insurance Authority (IA) to increase its share capital from 291 million SAR (77.5 million USD) to 300 million SAR (79.9 million USD).

The capital raise will be carried out through the issuance of 900 000 new shares, each with a nominal value of 10 SAR (2.6 USD), to be fully subscribed by the investment firm Diar Al-Arabia.

This move is intended to help ACIG comply with the IA’s minimum capital requirements.