JEDDAH, 19 November 2006 — Saudi Arabian Cooperative Insurance Company (SAICO), which has been licensed along with 13 other insurance companies to operate in the Kingdom, has assigned BMG Financial Advisors to act as its financial adviser and arranger in listing the company.
“We’re pleased to be appointed by SAICO, a well-established insurance company in the Saudi market,” said Basil Al-Ghalayini, CEO of BMG. BMG has worked on a number of insurance-related projects and has been active in raising investor awareness by producing research reports, organizing forums and developing a market index that gives an additional perspective to market behavior.
SAICO is backed by promoters who are considered as the pioneers of insurance in Saudi Arabia. SAICO will replace the Bahrain-based insurer, Saudi Arabian Insurance Company BSC (c), which has been very active in the Saudi and Middle-Eastern insurance markets for the last few decades.
SAICO, therefore, brings to the market considerable knowledge and expertise, which will enable it to expand and serve the Saudi Arabian insurance market with renewed vigor and professionalism.