Al-Etihad Cooperative Insurance Company, one of Saudi Arabia's largest insurers, has reappointed Yousef Saad Al Saad as Chairman and elevated Naif Saud Al Turairi to Vice Chairman following regulatory approval from Saudi authorities. The appointments received no objection from the Insurance Authority on March 25, 2026, effective for a three-year term through February 2029. The announcements were disclosed to the Saudi Exchange (Tadawul) on March 26, signaling continuity in leadership for the publicly listed insurer listed under symbol 8170.
The reappointments mark the continuation of Al Saad's stewardship of the insurance company, where he has held the Chairman position since 2020. In parallel, the company's board approved formation of the executive committee, investment committee, nominations and remuneration committee, and risk management committee. Al Saad also chairs the newly formed Investment Committee, with Al Turairi serving as a member alongside other board directors. The regulatory approvals came without objection, underscoring compliance with Saudi Central Bank and Insurance Authority governance requirements for listed financial institutions.
Al Saad holds significant positions across Kuwait's financial sector and brings extensive insurance and banking experience to his role. Since 2020, he has served as Chief Executive Officer and Executive Director at Al-Ahleia Insurance Company and as Vice Chairman and Managing Director at Trade Union Holding Company. His previous roles include directorships at Kuwait Reinsurance Company and UR International Insurance Company, as well as an independent directorship at Meezan Bank. Al Saad completed undergraduate studies at Kuwait University and has developed a track record in insurance operations and reinsurance management across multiple Gulf institutions.
Al-Etihad Cooperative Insurance, incorporated in 2008 and headquartered in Dhahran, represents one of the Kingdom's leading insurance providers with paid-up capital of SAR 400 to SAR 500 million. The company traces its roots to Trade Union Insurance Company, founded in 1983 in Bahrain, which initially facilitated insurance operations in Saudi Arabia before Al-Etihad's transformation into a public company listed on the Saudi Stock Exchange in September 2008. Operating under Saudi Central Bank supervision, the company offers comprehensive insurance products including motor, medical, property and casualty, marine, engineering, and personal lines coverage to both individuals and businesses throughout the Kingdom.
The reappointments reflect continuity at a time when Saudi Arabia's insurance sector faces increasing regulatory scrutiny and market consolidation pressures. By retaining experienced leadership with demonstrated capital management expertise across regional insurance and banking markets, Al-Etihad appears positioned to navigate competitive pressures in Saudi Arabia's cooperative insurance segment. The three-year mandate through February 2029 provides operational stability, though market observers may monitor whether the company pursues strategic partnerships or expanded product offerings under renewed board leadership.
