Riyadh – Mubasher: United Cooperative Assurance Company has submitted a formal request to the Riyadh Commercial Court to open liquidation proceedings against the company.

The filing was made under the provisions of the Saudi Bankruptcy Law and its executive regulations.

The company stated that the opening of any such procedure remains subject to a final decision by the specialized court.

In response to the filing, United Cooperative Assurance confirmed it will take all necessary legal and operational steps to address the request.

The insurer aims to reach a consensus with its creditors and restructure its business activities to ensure the continuity of its operations and protect the rights of both shareholders and creditors.

Further updates regarding the court's decision or the restructuring process are expected as the legal proceedings move forward.

As of 30 June 2026, the company’s accumulated losses hit SAR 137.73 million, representing 47.33% of its capital.