Latest news with #Tawuniya
Arab News
6 days ago
- Business
- Arab News
Tawuniya partners with TT Club to elevate Saudi transport & logistics risk management
TT Club, an international insurer for the transport and logistics sectors, has entered into a strategic reinsurance partnership with The Company for Cooperative Insurance, or Tawuniya, a Saudi insurance provider. The collaboration facilitates the launch of a newly approved liability insurance product tailored specifically to the transport and logistics industry in the Kingdom. The new product, approved by Saudi Arabia's insurance regulator in January, enables Saudi-based transport and logistics operators to access global-standard liability coverage through Tawuniya, with TT Club acting as the reinsurer. This development directly aligns with Saudi Arabia's Vision 2030 ambitions to transform the nation into a global logistics hub. Recognizing this strategic direction and the evolving risk landscape, TT Club and Tawuniya are working together to provide this vital specialized liability coverage. Kevin King, CEO of TT Club, said: 'As Saudi logistics operators expand internationally and adopt world-class operational standards, they are also developing their risk management strategies. Specialist liability insurance is a cornerstone of those strategies, in that it protects operations, supports reputational integrity, and helps to enable sustainable growth.' The partnership does not involve a traditional joint venture or shareholder agreement. Instead, it acts practically as a commercial collaboration to provide market-leading coverage within the framework of Saudi Arabia's well-regulated insurance landscape. Sultan Alkhomashi, CEO of general sector at Tawuniya, said: 'This partnership with TT Club strengthens our ability to serve Saudi logistics operators with world-class insurance solutions that meet the highest international standards. Together, we are helping build safer, more resilient supply chains and supporting the Kingdom's long-term vision to be a regional and global logistics powerhouse.' TT Club has also recently strengthened its board of directors with the appointment of Saffia Abdulla Kanoo in June. Kanoo is vice president and international business director at Kanoo Logistics, one of the longest-established logistics businesses in the Middle East. Based in Saudi Arabia, she has worked across air cargo, shipping, customs clearance and specialized logistics services.
Zawya
7 days ago
- Business
- Zawya
Saudi Arabia's transport and logistics safety and risk management reinforced by Tawuniya and TT Club strategic partnership
TT Club, the leading international insurer for the transport and logistics sectors, has entered into a strategic reinsurance partnership with The Company for Cooperative Insurance (Tawuniya), Saudi Arabia's foremost insurance provider. The collaboration facilitates the launch of a newly approved liability insurance product tailored specifically to the transport and logistics industry in the Kingdom of Saudi Arabia. The new product, approved by Saudi Arabia's insurance regulator in January 2025, enables Saudi-based transport and logistics operators to access global-standard liability coverage through Tawuniya, with TT Club acting as the reinsurer. This development directly aligns with Saudi Arabia's Vision 2030 ambitions to transform the nation into a global logistics hub. Recognising this strategic direction and the evolving risk landscape, TT Club and Tawuniya are working together to provide this vital specialised liability coverage. Kevin King, CEO of TT Club, commented: 'As Saudi logistics operators expand internationally and adopt world-class operational standards, they are also developing their risk management strategies. Specialist liability insurance is a cornerstone of those strategies, in that it protects operations, supports reputational integrity, and helps to enable sustainable growth.' The partnership does not involve a traditional joint venture or shareholder agreement. Instead, it acts practically as a commercial collaboration to provide market-leading coverage within the framework of Saudi Arabia's well-regulated insurance landscape. Sultan Alkhomashi, CEO of General Sector at Tawuniya, commented: 'This partnership with TT Club strengthens our ability to serve Saudi logistics operators with world-class insurance solutions that meet the highest international standards. Together, we are helping build safer, more resilient supply chains and supporting the Kingdom's long-term vision to be a regional and global logistics powerhouse.' TT Club has also recently strengthened its Board of Directors with the appointment of Saffia Abdulla Kanoo in June 2025. Kanoo is Vice President and International Business Director at Kanoo Logistics, one of the longest-established logistics businesses in the Middle East. Based in Saudi Arabia, she has worked across air cargo, shipping, customs clearance and specialised logistics services. Kanoo brings decades of industry leadership and a strong alignment with TT Club's mission to create a safer, more secure and sustainable future for the industry. About TT Club TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. Its services are designed to support operators' long-term success by mitigating business risks and protecting against loss. TT Club is known for its in-depth industry expertise, financial strength, and global service reach. About Tawuniya Tawuniya Insurance was established in 1986 and is the first nationally licensed insurance company in the Kingdom of Saudi Arabia. Tawuniya offers a comprehensive range of insurance services that operate in accordance with cooperative insurance principles accepted in Islamic law. Tawuniya was listed in Brand Finance's Top 10 Insurance Brands in the Middle East for 2021. Additionally, the company won the award for Best Health Insurance Brand in the Kingdom in 2022, granted by Global Brands magazine. Media Enquiries Contact: TTClub@
Argaam
13-07-2025
- Business
- Argaam
Fitch affirms Tawuniya ‘A' credit rating with positive outlook
Fitch Ratings affirmed The Company for Cooperative Insurance's (Tawuniya) Insurer Financial Strength (IFS) rating at 'A'. The Outlook is Positive. In a statement to Tadawul, the insurer said that this rating is an important indicator reflecting the company's strong financial position and the diversity of its services and products. Tawuniya views this rating as a testament to its continued commitment to financial strength, sustainable growth, and leadership in the Saudi insurance market, the statement added.
Argaam
25-06-2025
- Business
- Argaam
Leadership of insurance pool for latent defects insurance product transferred to Tawuniya
The Insurance Authority (IA) announced that leadership of the insurance pool for the latent defects insurance product has been transferred from Malath Cooperative Insurance Co. to The Company for Cooperative Insurance (Tawuniya), effective for three years as of June 24. As many as 17 insurance firms are taking part in this pool. According to Argaam 's data, Tawuniya announced last February its selection by the IA to lead the insurance pool against the inherent defects insurance product on behalf of the insurance sector. In July 2020, Malath signed an agreement with several participating insurance players for the latent defects insurance product, following the Saudi Central Bank's (SAMA) approval.
Argaam
15-06-2025
- Business
- Argaam
Tawuniya completes buyback of treasury shares
The Company for Cooperative Insurance (Tawuniya) completed the purchase of a number of its own shares for the employees' incentive program, based on the approval of the extraordinary general meeting (EGM) held on May 27. The company repurchased 199,862 shares at a total value of SAR 28.77 million, according to a Tadawul statement. The average purchase price per share was SAR 143.68. According to data available on Argaam, Tawuniya's shareholders approved the repurchase of 199,860 shares maximum, to be allocated for the employees' incentive program. They also authorized the board of directors to complete the buyback process within 18 months from the EGM date. The share buyback will be financed from the company's cash. Tawuniya will retain the repurchased shares for a maximum of 10 years, after which it will comply with the relevant laws and regulations.
