UCA appeals ruling to commence liquidation proceedings

Logo of United Cooperative Assurance Co. (UCA)

United Cooperative Assurance Co. (UCA) announced that it filed an appeal against the ruling to commence liquidation proceedings against the company on Oct. 13, 2026, in accordance with the relevant regulations.

In a statement to Tadawul, the company said it would continue to take the necessary regulatory and legal measures to protect its interests, shareholders and stakeholders, and would disclose any material developments in this regard in line with applicable regulatory requirements.

According to Argaam data, the insurer announced on Sept. 30 that it had received a ruling from the Riyadh Commercial Court to commence liquidation proceedings and appoint Marei Al-Omari as the liquidation trustee. The ruling also ordered the lifting of attachment orders on all the company’s assets and their handover to the trustee. Meanwhile, the court rejected the company’s request to commence financial restructuring proceedings.

The Capital Market Authority (CMA) board decided to suspend trading in the company’s shares effective Sept. 13, 2026, pending a decision by the CMA board regarding the filing of the liquidation petition against the company, following the Commercial Court’s decision to accept or reject the commencement of liquidation proceedings.

The company’s accumulated losses reached SAR 459.57 million, representing 115% of its capital, as of the end of Q2 2026.