Mr. Shaher bin Mahmoud Al-Madani has been named the new CEO of United Cooperative Assurance (UCA) Company by the Board of Directors. Moreover, Mr. Muhammad Bin Muhammad Saeed Basrawi resigned for personal reasons and later chose to retire. On June 30, 2025, the resignation will become effective.
The company announced in a statement released through the Saudi Tadawul system that, based on the recommendation of the Nominations and Remuneration Committee, the Board of Directors selected to appoint Mr. Shaher Al-Madani. Subject to obtaining the required regulatory approvals in compliance with the rules of the Insurance Authority and the Capital Market Authority, he will begin his duties in July 2025.
Who is Shaher Al Madani?
With more than twenty years of expertise in the insurance and finance industries, Mr. Shaher Al-Madani has held several executive roles inside and outside United Cooperative Insurance Company. Likewise, he has a thorough understanding of the internal organisation and operations of United Cooperative Assurance Company, having previously held the positions of Executive Vice President, Director of Operations, and Secretary of the Board of Directors.
Before joining SABB Takaful Company as Vice President of Human Resources, Mr. Shaher Al-Madani was also Head of the Human Resources and Shared Services Department at United Cooperative Insurance Company. In addition, he previously served as the human resources officer at Arab Export Company and managed the human resources and government relations department at Allianz Saudi Fransi Cooperative Insurance Company.
Academically, Professor Shaher Al-Madani graduated from King Faisal University with a Bachelor of Business Administration degree. He has finished some leadership and executive programmes inside and outside the Kingdom, which have improved his managerial and leadership abilities.
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The United Cooperative Assurance Company
Founded on May 5, 2008, United Cooperative Assurance (UCA) Company had SAR 400 million in paid-up capital. Operationally, it started on January 1, 2009.
After more than 35 years of active operation in the Saudi market, UCA Insurance, a major shareholder in the company, passed on its insurance portfolio and business management to the company. This gives it a strong foundation of experience and a profound understanding of the local market’s needs.
Currently, the business works in every area of insurance and reinsurance except protection and savings insurance. As demonstrated by its 2022 and 2024 Middle East Technology Excellence Awards wins for notable projects like the Eagle Programme and the Unified Portal, it is continuously aiming for innovation and digital transformation. Besides, the business exhibits its dedication to attaining operational efficiency and offering cutting-edge services to its clients through these digital initiatives.
Conclusively, the appointment of Shaher Al-Madani seems to signal a new chapter in the history of United Cooperative Assurance Company. Furthermore, his leadership skills are likely to facilitate the company’s expansion and digital transformation, enhancing its standing as one of the top firms in the Saudi insurance industry.
With the help of modern legislation and the strategic objectives of Saudi Vision 2030, these changes take place at the same time as a qualitative shift in the kind of insurance services provided in the local market. For the new leaders, this means new opportunities and challenges.
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