The Saudi Arabian Cooperative Insurance Company, shortly referred to as "SAICO", is a publicly listed company on the Saudi Stock Exchange 'Saudi Tadawul'. The company is headquartered in Riyadh City and focuses on the insurance needs and requirements of corporations, factories, commercial institutions, and small and medium-sized enterprises. Its services cover marine cargo, fire, vehicles, home insurance, medical insurance, and personal accidents.
The Saudi Arabian Cooperative Insurance Company was listed on Saudi Tadawul on September 3, 2007. Its shares are traded on the main market under the insurance sector with the name "SAICO" and the trading symbol (8100), and International Securities Identification Number (ISIN) (SA000A0MR823). The company's capital is SAR300 million.
About the establishment of the company
The Saudi Arabian Cooperative Insurance Company (SAICO) was established as a Saudi joint-stock company based on the decision of the Minister of Commerce and Industry No. 193, dated August 4, 2007. The company operates under the supervision and regulation of the Insurance Authority. In 2010, the company received approval from the Saudi Arabian Monetary Authority, now the
At its establishment, SAICO had a capital of SAR100 million, divided into ten million shares with a nominal value of SAR10 per share. In 2015, the company increased its capital by offering rights issue shares to its shareholders, raising SAR150 million, bringing the total capital to SAR250 million, divided into twenty-five million shares with a nominal value of SAR10 per share. In 2018, the company further increased its capital by granting bonus shares to its shareholders, raising SAR50 million, resulting in a total capital of SAR300 million, divided into thirty million shares with a nominal value of SAR10 per share.
The company's activities date back to 1952. Before the issuance of the Cooperative Insurance Companies Control Law under Royal Decree No. M/32 dated July 31, 2003, and its Implementing Regulations, the activities were conducted through the Saudi Arabian Insurance Company established by Saudi investors in Bahrain. Following the implementation of the new regulations in the Saudi insurance market, the company was established as a Saudi joint-stock company.
The company's activity
The company aims to engage in all insurance-related activities and undertakes necessary actions to achieve its objectives, whether related to insurance or the investment of its capital. Its activities focus on providing insurance services in vehicles, marine cargo, fire, engineering, aviation, energy, group life insurance, accidents, and medical insurance fields.
The company's insurance products are diverse, covering various fields including corporate insurance, vehicle insurance, health insurance, property insurance, marine cargo insurance, hull insurance, engineering insurance, liability insurance, life insurance for groups and individuals, small and medium-sized enterprises, and the unified medical document.
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