MEDGULF receives regulatory nod to appoint Chairman, Vice Chairman post Buruj merger

MEDGULF has secured the Insurance Authority’s non-objection to appoint the Chairman and Vice Chairman post Buruj merger

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) said it received the Insurance Authority’s non-objection on Nov. 20 to appoint Yasser Naghi as Chairman, and Rakan Abunayyan as Vice-Chairman for the current three-year term ending May 7, 2028.

The announcement aligned with the decisions of the extraordinary general meeting (EGM) held on Oct. 23, 2025, regarding the appointment of Buruj Cooperative Insurance Co.’s nominees to the newly added board seats following the merger between MEDGULF and Buruj, according to the company’s statement on Tadawul.

The appointment was subject to securing the Insurance Authority’s approval.

Naghi holds a bachelor's degree in business administration from King Abdulaziz University in Jeddah. He has over 35 years of experience in trade, insurance, healthcare, and diversified industries. He served as Chairman of Buruj and has expertise in corporate management and business development.

Meanwhile, Abunayyan holds a bachelor’s degree in accounting from King Saud University in Riyadh and a master’s degree in Financial Management from the University of Illinois. He has over 20 years of experience in investment, financial services, insurance, and various industrial sectors.