Riyadh - Sharikat Mubasher: Liva Insurance Company (Liva KSA), a subsidiary of Liva Group, signed a non-binding memorandum of understanding (MoU) with Malath Cooperative Insurance Company to evaluate a potential merger between the two companies, a recent statement revealed.

This potential merger came as part of Liva Group’s strategy to expand its footprint in Saudi Arabia.

Liva KSA provides a full suite of premium insurance services for customers across the Kingdom, with SAR 522 million in gross written premium (GWP) last year, while Malath Insurance offers technical services and innovative insurance products, with SAR 871 million in GWP last year.

Khalid Al Zubair, Chairman of Liva Group, stated that the potential partnership with Malath can help the group achieve its aspiration to expand its presence in Saudi Arabia and accelerate its growth.

Meanwhile, Martin Rueegg, CEO of Liva Group, said: “Through this potential merger, we would be well positioned to expand our product offerings, capitalizing on the drivers of growth in the Kingdom, including Vision 2030 and regulatory advancements.”

On the other hand, Tariq AlNaeem, Chairman of Liva KSA, stated that the merger between both companies can catalyze growth by enhancing the customer experience and expanding product offerings.

For his part, Bader Al-Ali, Chairman of Malath Insurance, commented: “This strategic partnership with Liva will result in a powerful synergy between the two businesses. Malath and Liva KSA enjoy a diverse range of products and services, as well as advanced technical and technological expertise, which will contribute to building a strong entity capable of competing on multiple fronts.”