Aljazira Takaful and Solidarity Merger to Create One of Saudi Arabia’s Top Five Insurers

The planned merger of Saudi Arabian-based Takaful operators Aljazira Takaful Taawuni (ATT) and Solidarity Saudi Takaful (Solidarity) is anticipated to create one of the five largest insurance bodies in the Kingdom over the next five years, according to Sager Nadershah, Managing Director and Chief Executive Officer (CEO) of ATT.

Speaking in a telephone interview with local media, Nadershah stated that ATT’s Board of Directors selected Solidarity after evaluating investment opportunities available in the Saudi market. Nadershah noted that a joint committee from both companies was then created which helped prepare for post-merger activities with the support of Saudi Central Bank (SAMA).

Nadershah added that the valuation, which was based on the adjusted equity boo...