Weqaya Takaful Insurance and Reinsurance Co.’s chief executive Saleh Al-Helaissi has resigned from his post for personal reasons, the Saudi insurer said in a statement to Tadawul.
Al-Helaissi’s resignation was accepted on Monday. A new chief executive will be named after the necessary regulatory approvals are obtained.
Weqaya’s shares are currently suspended from trading as the company’s accumulated losses have reached 147 percent of its capital, according to Argaam data.
In June, the insurer’s board of directors decided to remain in office and meet the regulatory requirements to boost the company’s capital.
The company had earlier said that the board would resign due to its inability to fulfill financial commitments.
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