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The Oman-based multi-line insurer Liva Group's Saudi unit, Liva KSA, is mulling a potential merger with Malath Cooperative Insurance, in a bid to expand its footprint.
The two Tadawul-listed firms have signed a non-binding memorandum of understanding (MoU) to evaluate a potential merger between the companies.
Liva KSA, which is majority owned by Liva Insurance BSC, a subsidiary of the Liva Group, closed 2023 with 522 million Saudi Arabia riyals ($139 million) in gross written premium (GWP).
Malath Insurance’s GWP closed at SAR 871 million last year.
“Expanding the [Liva] Group’s footprint in the kingdom is one of the key pillars of our strategy to accelerate growth, as we look to become the insurer of choice for customers across the GCC,” Khalid Al Zubair, Chairman of Liva Group, said.
(Writing by Bindu Rai, editing by Seban Scaria)