UCA board extends CEO Basrawi term

08:56 AM (Mecca time) Argaam
Logo ofUnited Cooperative Assurance Co. (UCA)
Logo of United Cooperative Assurance Co. (UCA)

United Cooperative Assurance Co. (UCA) said its board of directors agreed on June 25 to extend the tenure of CEO Mohammed Basrawi, who will continue to lead the company’s executive management through the next phase, according to a statement to Tadawul.

 

Basrawi will continue to lead the company’s executive management through the next phase, following the decision to explore a potential merger with Arabia Insurance Cooperative Co. (AICC).

 

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Earlier this month, the board of directors approved the resignation of CEO Basrawi, effective June 30, 2025. The company then to appoint Shaher Al-Madani as CEO, as of July 1, 2025.

 

UCA and AICC have signed a non-binding memorandum of understanding (MoU) to evaluate the feasibility of a potential merger deal, data compiled with Argaam showed.

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