Chubb Arabia exploring merger with Al Ahli Takaful
Saudi Arabia’s Chubb Cooperative Insurance has entered into discussions to study the possibility of a merger with Al Ahli Takaful, the company said in a stock exchange filing on Wednesday (Feb 19).
If a merger is agreed, the two insurers will sign a non-binding memorandum of understanding to evaluate a potential merger, said Chubb Arabia.
Saudi Arabia’s insurance sector faces new enhanced capital requirements, which is a driving factor for consolidation among Islamic insurers.
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