Abdul Latif Jameel Insurance and StarCare Insurance merge to form one of Saudi Arabia’s largest brokers
- The merger creates one of the largest insurance brokers in the Kingdom
- Abdul Latif Jameel Insurance Brokers and StarCare will be merged under Abdul Latif Jameel Insurance, and will continue to be successfully led by StarCare CEO Turki Alsudairy
- Abdul Latif Jameel aims to shape the future of its core sectors, which include financial services, through strategic investments in the Kingdom and worldwide
Abdul Latif Jameel Insurance Brokers announced the merger of StarCare Insurance Brokerage as part of its strategy to strengthen its insurance offering in Saudi Arabia. The deal creates one of the Kingdom’s largest insurance brokers and will contribute to the goal of 100% Saudi-owned insurance brokers under Vision 2030.
As a leading brokerage, StarCare is renowned for its expertise and customer services in Saudi Arabia, servicing leading international medical healthcare insurers.
Abdul Latif Jameel Insurance Brokers and StarCare will be merged under Abdul Latif Jameel Insurance, enabling them to offer superior client services and unrivalled expertise in medical, motor and general insurance in all parts of the Kingdom.
The merger follows SAMA’s introduction of several new industry regulations, such as new IDI, Umra and Hajj insurance, COVID-19 insurance, event cancellation and courier packages.
The joint entity will be headed by prominent Saudi businessman and StarCare CEO Turki Alsudairy.
The merger comes at a time when Saudi Arabia’s insurance sector is witnessing impressive growth in parallel with the continued expansion of the Kingdom’s private sector.
Financial services is one of the key verticals of Abdul Latif Jameel, alongside energy, mobility and healthcare. Through its ventures, Abdul Latif Jameel aims to shape the future of these core sectors both in Saudi Arabia and worldwide.
Hassan Jameel, Deputy President and Vice Chairman, Abdul Latif Jameel, said:
“We see this new partnership as a real opportunity to strengthen our offering across the Kingdom, creating real, tangible value for Saudis. These are exciting times for Abdul Latif Jameel Insurance, for the sector and our customers. We look forward to working closely with Turki, who has done an outstanding job with StarCare.”
Turki Salman Alsudairy, CEO of StarCare Insurance Brokers, remarked:
“StarCare is proud to welcome this merger with Abdul Latif Jameel Insurance as a key milestone in our growth strategy. For all parties involved, this deal brings exciting new potential to the quality and access to our offering across the Kingdom, while also showcasing how Saudi Arabia’s insurance market is expanding exponentially.”