Riyadh -- Governor of the Saudi Central Bank (SAMA) Ayman Al-Sayari honored Prince Naif Al-Kabeer and Chairmen of the Boards of Arabian Shield Insurance and Alinman Abdulmohsen Al Fares and Tokio Marine and CEOs Bassel Al-Abdulkareem and Kentaro Kita following the completion of the two companies' merger. This would be the sixth merger in the Saudi insurance sector.
General Manager of Insurance Control Supervision Abdullah Alhomaid was also honored by the board chairmen for his distinguished efforts in making the merger process smooth.
"Mergers in the Saudi insurance sector are the result of SAMA’s efforts in regulating and supervising the insurance sector. They contribute significantly to the development of the sector and strengthen its financial solvency, enabling it to manage risks through a range of innovative insurance products," Al-Sayari said. He added that mergers are important elements in achieving the objectives of Saudi Vision 2030 and the Financial Sector Development Program (FSDP) as they help promote financial sustainability and support the growth of the private sector.
The SAMA governor also noted that mergers and acquisitions will enable companies create efficient and resilient entities that can innovate and meet the expectations of their stakeholders and market participants.