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Mediterranean and Gulf Insurance and Reinsurance (MedGulf) and Buruj Cooperative Insurance have signed a merger agreement on 26 July 2025.
The transaction will be carried out through a share exchange between the two companies, under which Buruj shareholders will receive 1.11 MedGulf shares for each Buruj share they own.
Upon completion of the transaction, Buruj's assets, liabilities, rights and contracts will be transferred to Medgulf. In exchange, the latter will issue 33 157 894 new ordinary shares, each with a nominal value of 10 SAR (2.7 USD).
It is worth recalling that the two Saudi insurers had initially signed a non-binding agreement in July 2024 to explore a potential merger. In January 2025, the General Authority for Competition (GAC) granted its approval for the proposed deal.
