Walaa Cooperative Insurance acquires majority stake in DIFC-based fac reinsurance MGA Aspire

Last month, Walaa Cooperative Insurance Company, a listed Saudi insurer, completed its acquisition of an 88% stake in Aspire Underwriting Agency Ltd. (AUAL), a Managing General Agent (MGA) based in the Dubai International Financial Centre (DIFC).

The transaction was approved by both the Dubai Financial Services Authority and the Saudi Insurance Authority, and is valued at approximately SAR 68 million (USD 18 million).

MGA AUAL specialises in facultative reinsurance across energy, power, and property lines.

Founded in 2017, AUAL writes business in over 100 countries, supporting energy companies to meet their re/insurance needs.

This acquisition aligns with Walaa’s strategy to expand and diversify its inward reinsurance business. The transaction is expected to make a positive impact on Walaa’s financials, effective end of the fourth quarter of 2025.

The purchase of a majority stake in the MGA is a notable cross-border transaction and reflects the increasing role of the DIFC as a hub for international MGA activity and Saudi-backed insurance investment.

Headquartered in Al Khobar, Saudi Arabia, Walaa serves clients across the Kingdom through three regional offices and over 70 retail offices. With this acquisition, the insurer has expanded its capabilities in the MENA region.

Richard Smith, CEO of Aspire Underwriting Agency Ltd. and responsible for building its underwriting function over the last few years, remains with the company in his role.

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