Latest news with #Tawuniya
Arab News
27-05-2025
- Business
- Arab News
Tawuniya's ‘InsurAI' challenge showcases AI-powered breakthrough in insurance
Marking the culmination of its highly anticipated 12-week virtual program 'InsurAI,' Tawuniya, the largest insurance company in the Middle East and North Africa, successfully concluded its Demo Day on May 26. The event showcased 10 cutting-edge startups, selected from a competitive pool of over 1,000 applicants, which presented their innovative solutions designed to unlock new avenues for growth and transformation in the insurance sector. Launched in December 2024 by Tawuniya in collaboration with Plug and Play, and supported by government partners including Monsha'at and CODE, the InsurAI program underscores Tawuniya's steadfast commitment to driving digital transformation in the region's insurance industry. It also aims to propel economic development and strengthen Saudi Arabia's growing startup ecosystem in alignment with Saudi Vision 2030 goals. The program provided a unique platform for 10 rising innovators — Papaya Insurtech, WideBot AI, DESAISIV, Intella, Yasmina, AlloBrain, Curacel, CozmoX AI, and Chefaa — who were selected through a rigorous evaluation process. During Demo Day, these startups pitched their next-generation generative AI solutions to a curated audience of investors, technology leaders, and Tawuniya executives. Abdullah Alshargi, CTO at Tawuniya, said: 'The InsurAI is more than just a platform — it's a statement of intent. We are investing in a future where artificial intelligence is seamlessly integrated into the insurance ecosystem to bring about real, measurable impact. Demo Day spotlighted how visionary startups are already solving some of the industry's most pressing challenges — from claims automation and fraud detection to hyper-personalized customer experiences.' 'Through strategic partnerships and hands-on mentorship, we have built a launchpad for innovation that aligns with Tawuniya's mission to lead the digital transformation of the insurance sector. We envision InsurAI as a catalyst for long-term collaboration and a driver of what's next in insurtech,' he added Over the course of the program, each team received expert mentorship and support in areas such as product development, regulatory compliance, and go-to-market strategy. Strategic partners played an instrumental role in the program, enhancing the startups' journey toward scalability and investment-readiness. The event concluded with the announcement of the top three startups, who shared a prize pool of $225,000 alongside potential partnership opportunities with Tawuniya. This event marks a significant milestone in Tawuniya's mission to foster an innovation-driven ecosystem and cement Saudi Arabia's role as a regional hub for AI and insurtech.
Yahoo
27-05-2025
- Business
- Yahoo
Saudi Arabia Property and Casualty Insurance Market Report 2025: Regulatory Reforms Propel Growth, Low Insurance Penetration Challenges Expansion
The Saudi Arabia Property & Casualty Insurance Market, valued at USD 44.15M in 2024, is set to reach USD 67.34M by 2030, growing at a 7.35% CAGR. Driven by Vision 2030, regulatory reforms, and increased risk management awareness, demand surges amid infrastructure expansion. Key players include Tawuniya and MEDGULF. Saudi Arabian Property and Casualty Insurance Market Dublin, May 27, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Property and Casualty Insurance Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Saudi Arabia property and casualty (P&C) insurance market, valued at USD 44.15 million in 2024, is on track to reach USD 67.34 million by 2030, growing at a CAGR of 7.35%. This growth is driven by regulatory reforms, economic diversification under Vision 2030, and heightened awareness of risk management. The Saudi government's emphasis on strengthening the insurance sector and expanding infrastructure projects has increased demand for P&C insurance products. As foreign investment and market liberalization increase, competition among insurers is intensifying, prompting businesses and individuals to seek enhanced financial protection. According to the Saudi Arabia Central Bank (SAMA) 2022 Insurance Market Report, the sector expanded by 26.9%, with substantial growth in Gross Written Premium (GWP). Key Market Drivers Saudi Arabia's insurance sector is bolstered by regulatory advancements led by the Saudi Central Bank (SAMA) and the Insurance Authority. These reforms, aimed at enhancing transparency, financial stability, and consumer protection, include stricter compliance requirements and improved risk assessment mechanisms. Compulsory insurance policies in sectors like construction, health, and vehicle ownership contribute to the market's growth. Aligned with the 2017 Financial Sector Development Programme, part of Vision 2030, Saudi Arabia targets increasing GWP from 1.9% in 2019 to 2.4% by 2025 and 4.3% by 2030 as a share of non-oil GDP. Key Market Challenges The market faces challenges like low insurance penetration due to cultural perceptions and financial illiteracy, particularly in property insurance. Many businesses, especially SMEs, remain underinsured, exposing them to risks like property damage or natural disasters. To address this, insurers should invest in awareness campaigns and offer Sharia-compliant policies. Key Market Trends Demand for customized insurance products is rising as the economy diversifies. Insurers are creating tailored policies for sectors such as construction, logistics, healthcare, and cybersecurity. Cyber insurance is increasingly important, protecting businesses from threats like data breaches. Key Market Players The Company for Cooperative Insurance (Tawuniya) The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) SALAMA Cooperative Insurance Company Saudi Arabian Cooperative Insurance Co. Gulf Union Cooperative Insurance Company Al-Ittihad Cooperative Insurance Company Al Sagr Cooperative Insurance Company Allianz SE Liva Group SAOG Gulf General Cooperative Insurance Company Key Attributes: Report Attribute Details No. of Pages 81 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $44.15 Million Forecasted Market Value (USD) by 2030 $67.34 Million Compound Annual Growth Rate 7.3% Regions Covered Saudi Arabia Key Topics Covered: 1. Introduction 2. Research Methodology 3. Executive Summary 4. Voice of Customer Analysis 5. Saudi Arabia Property and Casualty Insurance Market Outlook 6. Saudi Arabia Motor Insurance Market Outlook 7. Saudi Arabia Property & Fire Insurance Market Outlook 8. Saudi Arabia Marine Insurance Market Outlook 9. Saudi Arabia Aviation Insurance Market Outlook 10. Saudi Arabia Accident & Liability Insurance Market Outlook 11. Market Dynamics 12. Market Trends & Developments 13. Saudi Arabia Economic Profile 14. Policy & Regulatory Landscape 15. Competitive Landscape 16. Strategic Recommendations For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Property and Casualty Insurance Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
14-05-2025
- Business
- Zawya
SMC opens up to $501mln IPO with cornerstone backing: IFR
Books opened on Sunday for the SR1.8bn–SR1.88bn (US$479.9m–$501.2m) Tadawul IPO of Specialized Medical Company. A total 75m secondary shares are on offer at SR24–SR25 each, valuing the company at SR6bn–SR6.25bn off a 30% free-float. Insurance company Tawuniya has agreed to subscribe for nearly 5.9m shares to give it a 2.4% stake in the company. SMC works with Tawuniya and the region's other large insurers Bupa Arabia and Medgulf. Tawuniya was a cornerstone on the SR1.69bn IPO of Almoosa Health at the end of 2024, taking a combined 22% of the deal with conglomerate Alfozan Holding. In common with many recent Saudi deals, SMC is positioned as a growth story with plans to add three hospitals by 2029 to the two it has already, more than doubling the number of beds to 1,276 from 578, though it isn't raising funds in the IPO. Its capacity puts it behind peers such as Fakeeh Care Group, Dr Sulaiman Al Habib Medical Services, Middle East Healthcare Company and Mouwasat Medical Services Company, which have between 952 and 2,965 beds. They have market capitalisations between SR5.89bn and SR94.5bn and trade at 11.8–30.2 times 2025 EV/Ebitda, with Dr Sulaiman trading at the highest multiple. Institutional books close on Thursday, pricing will be announced on May 26 and a retail offer for up to 20% of the deal will be open on May 28–29. Final allocations will be announced on June 4 and excess subscriptions refunded the same day. Total expenses of the offering are expected at SR41m. SNB Capital is lead manager, and joint bookrunner with EFG Hermes, with the two banks underwriting 82.9% and 17.1%, respectively.
Mid East Info
13-05-2025
- Business
- Mid East Info
SPECIALIZED MEDICAL COMPANY ANNOUNCES BINDING UNDERTAKING BY CORNERSTONE INVESTOR FOR ITS IPO - Middle East Business News and Information
Specialized Medical Company 'Company' or 'SMC', one of the leading healthcare providers in the Kingdom of Saudi Arabia ('Kingdom'), recognized as a center of excellence delivering comprehensive and integrated healthcare services across a wide range of specialties, announces that it has issued a supplementary prospectus in relation to binding undertaking from the Company for Cooperative Insurance Tawuniya referred to as the ('Cornerstone Investor') for its initial public offering (the 'IPO' or 'Offering'). The Company for Cooperative Insurance (Tawuniya) committed to subscribe, as Cornerstone Investor, for 5,875,000 shares of the Offer Shares (representing 2.35% of the Company's share capital after the Offering). The Company for Cooperative Insurance (Tawuniya) is considered a major investor in the Saudi markets. The Company believes that the contribution of the Company for Cooperative Insurance (Tawuniya) will provide an essential drive for achieving growth and long-term strategic goals. The price range for the Offering has been set between SAR 24.00 and SAR 25.00 per share ('Price Range') with the start of the institutional book-building period on 11 May 2025G, and will close at 2:00PM (KSA time) on 15 May 2025G. HIGHLIGHTS OF THE OFFER: The Company has appointed EFG Hermes KSA and SNB Capital Company ('SNB Capital') as the joint financial advisors (hereinafter referred to as the 'Financial Advisors'), bookrunners (the 'Bookrunners'), and underwriters (the 'Underwriters') and appointed SNB Capital as the lead manager (hereinafter referred to as the 'Lead Manager') in respect to the Offering described herein. The Company has also appointed SNB Capital, SAB Invest, Al Rajhi Capital, BSF Capital, Alinma Investment, Riyad Capital, Al Jazira Capital, Alistithmar Capital, ANB Capital, Derayah Financial Company, Yaqeen Capital, Al Khabeer Capital, Albilad Capital, GIB Capital and Sahm Capital to act as receiving agents (collectively, the 'Receiving Agents') for retail investors. The Company has obtained the necessary approvals from the Capital Market Authority (the 'CMA') and Saudi Exchange to proceed with the Offering and listing process as shown below: The Offering will consist of 75,000,000 ordinary shares (the 'Offer Shares'), representing 30% of the Company's total issued share capital. The Offer Shares will be offered for subscription to Individual Subscribers and Participating Parties (as defined below). A maximum of 75,000,000 ordinary shares, representing 100% of the offer shares, will be allocated to the Participating Parties initially, with the final allocation being made after the end of the retail subscription period. In the event of sufficient demand from retail investors, the Financial Advisors in coordination with the Company shall have the right to reduce the number of Offer Shares allocated to Participating Parties to a minimum of 60,000,000 Offer Shares, representing 80% of the total Offer Shares. The Offer Shares will be listed and traded on the Saudi Exchange's Main Market following the completion of the Offering and listing formalities with both the CMA and the Saudi Exchange. Subscription for the Offer Shares is restricted to the following groups of investors: Tranche (A): Participating Parties: This tranche includes categories that are entitled to participate in the book-building process as specified under the Instructions for Book Building Process and Allocation Method in Initial Public Offerings issued by the CMA. These categories include investment funds, qualified foreign companies and institutions, GCC corporate investors and other foreign investors under swap agreements. The number of Offer Shares that will provisionally be allocated to the Participating Parties is seventy-five million (75,000,000) Offer Shares, representing 100% of the total Offer Shares, of which five million eight hundred seventy-five thousand (5,875,000) shares of the Offer Shares (representing 2.35% of the Company's share capital after the Offering), being the Cornerstone Investor's Shares, shall be allocated to the Cornerstone Investor. The final allocation will be after the end of retail subscription. In the event that Individual Subscribers (as defined in Tranche B below) subscribe in full for the Offer Shares allocated thereto, the Financial Advisors shall have the right to reduce the number of Offer Shares allocated to Participating Parties to a minimum of sixty million (60,000,000) Offer Shares, representing 80% of the total Offer Shares, provided that such reduction shall not apply to the Cornerstone Investor and the final allocation to the Cornerstone Investor shall be five million eight hundred seventy-five thousand (5,875,000) shares of the Offer Shares (representing 2.35% of the Company's share capital after the Offering) in all cases. Accordingly, fifty-four million one hundred and twenty-five thousand (54,125,000) shares of the Offer Shares will be allocated to the Participating Parties other than the Offer Shares allocated to the Cornerstone Investor and individual shareholders. The Financial Advisors, in coordination with the Company and the Selling Shareholders, shall determine the number and percentage of Offer Shares to be allocated to Participating Parties using the discretionary allocation mechanism. It is possible that certain Participating Parties will not be allocated any shares, as deemed appropriate by the Company and the Financial (B): Individual Subscribers: This tranche comprises Saudi natural persons, any non-Saudi natural person who is resident in the Kingdom, or GCC nationals who have a bank account with one of the Receiving Agents and are entitled to open an investment account with a Capital Market Institution (collectively referred to as the 'Individual Subscribers'). A maximum of 15,000,000 Offer Shares, representing 20% of the total Offer Shares, will be allocated to Individual Subscribers. In the event that Individual Subscribers do not subscribe in full for the Offer Shares allocated thereto, the Lead Manager may reduce the number of Offer Shares allocated to Individual Subscribers in proportion to the number of Offer Shares to which they have subscribed. The Offer Shares will be offered for subscription to individual and institutional investors, including institutional investors outside the United States in accordance with Regulation S under the US Securities Act of 1933G, as amended ('US Securities Act'). The Offering's net proceeds will be distributed to the Selling Shareholders. The Company will not receive any part of the Offering Proceeds.
Argaam
12-05-2025
- Business
- Argaam
SMC issues supplementary prospectus with Tawuniya as cornerstone investor
Specialized Medical Co. (SMC) issued a supplementary prospectus, disclosing that it received a binding commitment from The Company for Cooperative Insurance (Tawuniya) to subscribe as a cornerstone investor for 5.875 million shares in the offering, representing 2.35% of the company's post-offering share capital. According to the supplementary prospectus, the company has approved the allocation of these shares to Tawuniya as part of the offering process.
