Riyadh – Mubasher: Al Alamiya for Cooperative Insurance Company has appointed Martin Rueegg as its acting CEO, according to a bourse disclosure.
Rueegg assumed his new role on 21 December 2022, after obtaining the Saudi Central Bank’s (SAMA) approval on 20 December.
The new official holds over 27-year experience, during which he managed several leadership posts in the financial sector in many global insurance firms. He also served as a board and committee member in different companies.
It is noteworthy to mention that Rueegg succeeded Khalid Jaafar Allagany, who resigned from his position as the company’s CEO last September.
In the first nine months (9M) of 2022, the net losses before Zakat of Al Alamiya enlarged by 181.50% year-on-year (YoY) to SAR 46.55 million from SAR 16.53 million.
Meanwhile, the loss per share stood at SAR 1.26 in 9M-22, compared to SAR 0.56 in 9M-21.
The accumulated losses amounted to SAR 87.39 million as of 30 September 2022, accounting for 21.85% of the SAR 400 million capital.
