Riyadh – Mubasher: United Cooperative Assurance Company named Khalid Hussein Ali Reza as the Chairman of the board for three years.
Khalid Ahmed Al Hamdan was announced as the Vice Chairman, according to a bourse disclosure.
The two officials assumed their roles for a new session, which began on 13 January 2024 and will end on 12 January 2027.
Meanwhile, the Insurance Authority greenlighted the two appointments on 19 February 2024.
In the first nine months (9M) of 2023, United Cooperative incurred net losses valued at SAR 7.08 million, an annual plunge of 85.27% from SAR 48.05 million.
Accumulated losses hit SAR 195.29 million as of 30 September 2023, which represented 48.82% of the SAR 400 million capital.
