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Gulf Insurance Group
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>> About Us >> Company History
Gulf Insurance company, the major founder in Buruj had a 100% ownership in Saudi Pearl Insurance Company in Bahrain and had enjoyed underwriting insurance business in Saudi Arabia since 1979. With the passage of the new regulation, Saudi Pearl could no longer continue writing business in the Kingdom and Gulf Insurance company approached several corporate and individual investors in Saudi Arabia and Bahrain to form Buruj cooperative insurance company in order to capture the growth of the insurance sector in the Kingdom under a well regulated environment.
Buruj is set to obtain SAMA's approval to transfer the approved assets and liabilities of Saudi Pearl insurance company, E.C. based in Bahrain. Such approval is expected during the year 2011 and the managements of Buruj and Saudi Pearl have been involved in the valuation of the assets and liabilities of Saudi Pearl in accordance with the requirements of SAMA. Buruj will acquire the business portfolio of Saudi Pearl whereby new insurance policies will be issued by Buruj upon their expiration of the existing policies issued by Saudi Pearl.
With the passage of regulation governing the insurance sector in Saudi Arabia, all entities offering insurance and reinsurance services in the Kingdom of Saudi Arabia became subject to these regulations. Several executives lists were passed by the Saudi Arabian Monetary Agency (SAMA) governing all aspects of the operations of insurance and reinsurance entities and other related services
Buruj non-life insurer set up under the Saudi Arabian Monetary Agency (SAMA) Executive List No. M-32 dated 02/06/1424 H (dated 01/08/2003) and incorporated in Saudi Arabia. Paid-up capital is SR.130,000,000.00 with Head Office in Riyadh.
© 2009 Buruj Cooperative Insurance |