Saudi Arabia’s Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MedGulf) has announced the appointment of a new chief executive officer (CEO). 

Goetz Kuras is expected to assume his new role on March 1, 2021, following the board of directors’ approval, the insurance firm said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday. 

Kuras, who has more than two decades of experience in the insurance industry and a PhD in theoretical Physics, will take over the role from acting CEO Omar Al Mahmoud.  

The company’s former CEO, Tariq bin Abdullah Al Naeem, had quit his post on December 2, 2020 for personal reasons. 

“The board of directors, chairman and members wish Dr. Goetz all the best in his new assignment,” the company said. 

The insurer’s net profit before Zakat for the first six months of 2020 increased to 35.2 million riyals ($9.4 million) from 11.2 million riyals in the same period in 2019. The increase was mainly due to the reduction in net insurance claims. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.  

© ZAWYA 2021