Riyadh – Mubasher: Liva Insurance Company officially announced the resignation of two prominent members of its board of directors.

The company confirmed that its board accepted the resignations of Martin Rueegg and Sanjay Kawatra on 1 July 2026.

Both individuals served the company in a non-executive capacity, and their departures became effective on the same day the resignations were accepted.

The regulatory disclosure provided specific details regarding the tenure and the underlying reasons for the departures of the two board members.

Rueegg and Kawatra had been members of the LIVA Insurance Board since 26 November 2024. Their service period spanned approximately 19 months, during which they contributed to the strategic oversight of the insurance firm.

Regarding the motivations for the resignations, the company noted that the departures were prompted by changes in the members' professional roles within their respective parent and affiliated organizations.

Martin Rueegg submitted his resignation following his departure from his executive duties at Liva Group.

Similarly, Sanjay Kawatra’s resignation from the board is a direct result of his resignation from the Oman International Development and Investment Company, widely known as Ominvest. Ominvest is a major diversified investment firm in the region with significant interests in the financial and insurance sectors.

In its formal communication to shareholders and the public, the Board of Directors of LIVA Insurance expressed its sincere appreciation to both outgoing members.

The board specifically cited their distinguished performance and the valuable efforts they contributed during their tenure. The leadership of the company extended its well wishes to Rueegg and Kawatra for their future professional pursuits and success.

As non-executive directors, the roles of Rueegg and Kawatra were centered on providing independent judgement and strategic guidance to the management team while ensuring the company adhered to high standards of corporate governance.

Their resignations, being tied to their roles at Liva Group and Ominvest, reflect standard corporate transitions often seen when executive leadership changes occur at the group or major shareholder level.

The company has not yet announced the names of any potential successors to fill the vacancies left by these resignations.

Under the Saudi Companies Law and the Corporate Governance Regulations issued by the Capital Market Authority (CMA), the board is expected to appoint new members to the vacant seats in due course, subject to the necessary regulatory approvals and subsequent ratification at the next General Assembly meeting.

LIVA Insurance remains committed to maintaining a robust governance structure as it continues its operations within the Saudi insurance market.

The listed company’s shareholders approved contracts involving related parties, primarily focusing on transactions with Riyad Bank.