ACIG CEO steps down, Hamad Al-Mashari takes helm

Logo of Allied Cooperative Insurance Group (ACIG) 

Allied Cooperative Insurance Group (ACIG) said its board accepted the resignation of CEO Mohammed Gadhi for personal reasons, effective Nov. 22, according to a statement to Tadawul.

The board appointed Hamad Al-Mashari as CEO, effective Nov. 23, after receiving a no-objection from the Insurance Authority (IA), the statement said.

Al-Mashari brings more than 20 years of experience in insurance, risk management, and financial services. He holds two master’s degrees in economics, insurance and risk management from the University of Illinois at Urbana–Champaign, the US.

He previously held leadership roles, including General Manager of Dhaman Insurance Brokerage Co., Executive Vice President at Allianz Saudi Fransi Cooperative Insurance Co., Head of Risk Management at Al-Alamiya Cooperative Insurance Co., and Director of Governance, Risk, and Compliance for the Aviation and Aerospace Sector at Saudi Arabian Military Industries (SAMI). He also worked in insurance supervision at the Saudi Central Bank.

Al-Mashari has participated in several international committees and forums focused on risk management and insurance, including the Risk Management Working Group of the Islamic Financial Services Board (IFSB) and the International Association of Insurance Supervisors (IAIS).