IA approves Walaa acquiring 88% of Aspire Underwriting for SAR 68M

30/04/2025 Argaam
Logo ofWalaa Cooperative Insurance Co.

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co. received the Insurance Authority’s (IA) no objection letter on acquiring 88% of Aspire Underwriting Agency Ltd, a managing general agent based in Dubai, UAE.

 

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In a statement to Tadawul, the insurer said that the estimated investment is approximately SAR 68 million and the transaction is expected to make positive impact on Walaa financials starting from end of the Q4 2025 onwards.

 

The acquisition comes in line with its interest in expanding and diversifying its inward reinsurance business. The transaction is subject to Dubai Financial Services Authority (DFSA) approval.

 

Any updated will be disclosed in a timely manner, the statement added.

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