Mediterranean and Gulf Insurance and Reinsurance Company (MEDGULF) is targeting a 15% market share within five years, whereas it currently controls about 7% of the total written premiums in Saudi Arabia.
To do so, the company has proceeded to a 50% increase of its share capital, raising it from 700 million SAR (186.406 million USD) to 1.05 billion SAR (279.61 million USD). The share underwriting period has been closed on 25 November 2021.
The Saudi insurer is also planning to invest more than 60 million SAR (16 million USD) in 2022 to support the company's infrastructure and attract new capacities.
MEDGULF has stated that it is open to mergers with other local insurance companies.
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