Riyadh – Mubasher: Malath Cooperative Insurance Company has named Mohammed Ali Alammari as the board’s new Chairman for the coming three years, according to a bourse disclosure.

The Saudi insurer also appointed Bader Ali Alali as the Vice Chairman, while Fawaz Abdulrahman Alhijji was announced as the company’s CEO and Managing Director.

The three officials assumed their roles for a new board term that began on 21 April 2022 and will remain in position until 5 April 2025.

It is worth noting that the Saudi Central Bank (SAMA) granted its approval for the three appointments on 17 November this year.

In the first half (H1) of 2022, Malath Cooperative suffered net losses before Zakat worth SAR 24.93 million, higher by 215.84% year-on-year (YoY) than SAR 7.89 million.