Riyadh – Mubasher: Gulf General Cooperative Insurance Company has appointed Khalid Gaafar Allagany as the new CEO of the company on 9 November 2022.

The Saudi Central Bank (SAMA) granted its approval for the appointment, according to a bourse filing.

Allagany, who assumes his new role on 12 December 2022, comes with 30 years of experience in the Saudi insurance and banking sectors. He also served as the CEO, Managing Director, and board member in other Saudi insurers.

The new CEO holds a bachelor’s degree in Risk Management and has attended various training courses in management, finance, and insurance.

In the first nine months (9M) of 2022, Gulf General incurred net losses before Zakat worth SAR 50.09 million, down 12.77% from SAR 57.42 million in the year-ago period.

Meanwhile, the loss per share declined to SAR 1.07 in 9M-22 from SAR 1.17 in 9M-21.

The accumulated losses reached SAR 185.06 million as of 30 September 2022, accounting for 37% of the SAR 500 million capital.