Riyadh – Mubasher: Saudi-based and listed Mediterranean & Gulf Insurance & Reinsurance Co. (MedGulf) is considering putting itself up for sale, three people familiar with the matter told Bloomberg on Sunday.

The Saudi insurer is working with the investment banking arm of Banque Saudi Fransi (BSF) to evaluate its strategic options, two of the people said, asking not to be identified revealed, noting that international insurance firms that may be looking for access to the kingdom and large family firms might be interested in the purchase.

Riyadh-based MedGulf’s shares have dropped by as much as 41% so far in 2017, resulting in a market value of around $425 million, according to data compiled by Bloomberg. 

On Sunday, the insurer’s stock dropped by around 4.9% percent, while the benchmark Tadawul All Share Index (TASI) shed 1.1%, marking its fifth straight decline.

On Monday, TASI broke its falling spree and ended the day in the green, rising 0.56% and gaining 38.32 points to close at 6,821.71 points. MedGulf’s stock also ended the session rising of 0.76% to SAR 16.