Walaa insurance announces receipt of No objection from Insurance Authority to acquire 88% ownership of Aspire Underwriting Agency Ltd, a Managing General Agent (MGA) based in Dubai International Financial Center (DIFC), UAE. The acquisition is in line with Walaa’s interest to expand and diversify its inward reinsurance business. The transaction is subject to DFSA (Dubai Financial Services Authority) approval. The estimated investment is approximately SAR 68 million and the transaction is expected to make positive impact in Walaa financials starting from end of the 4th quarter of the year 2025 onwards.
Further developments, if any, will also be announced.
