Riyadh – Mubasher: Arabia Insurance Cooperative Company has named Abdulaziz Saleh Al Omair as the Chairman of the board for the next three years.

Muneer Butros Mouasher was announced as the Vice Chairman, according to a bourse disclosure.

The two officials assumed their roles for a new board term that began on 6 April 2023 and will remain in position until 5 April 2026.

The company’s board members greenlighted the appointments on 30 November 2023.

Last October, Abdulaziz Abdulhadi Al Qahtani resigned from his position as the Chairman of Arabia Insurance.

In the first nine months (9M) of 2023, the company turned profitable at SAR 64.35 million, against net losses valued at SAR 6.66 million in 9M-22.

The accumulated losses hit SAR 22.713 million as of 30 September 2023, which represented 4.30% of the SAR 530 million capital.