The Mediterranean And Gulf Insurance And Reinsurance Co.

What The Mediterranean And Gulf Insurance And Reinsurance Co. does

The Mediterranean And Gulf Insurance And Reinsurance Co. (MEDGULF) is a publicly listed Saudi cooperative insurance and reinsurance company headquartered in Riyadh and listed on the Saudi Stock Exchange (Tadawul: 8030), operating under Saudi Insurance Authority supervision (licensing number EM/3/97200) with Sharia compliance certification from Shariyah Review Bureau. The company offers a diversified portfolio of 12+ insurance product lines spanning group and individual health (including the RIADI SME product and Salem Program), motor (comprehensive and third-party), medical malpractice, property, marine, engineering, aviation, accidents and liabilities, saving and protection (group life), and domestic worker insurance, serving more than 1 million individual and corporate clients across Saudi Arabia. MEDGULF distributes through a multi-channel model — a digital self-service platform (website, mobile app with 500K+ downloads and 100K+ active users supporting online quoting, claims submission, telemedicine and Digital Twin AI health monitoring), 24/7 toll-free phone and WhatsApp support, three points of sale, four physical branches, and the Salem healthcare provider network — and underwrites with the backing of nine global reinsurance partners including Munich Re, Swiss Re, AXA XL, and Saudi Re.

The company generates revenue primarily through insurance premiums on individual and group policies priced on a quote-based subscription model with annual or multi-year billing cadences, with coverage tiers calibrated by customer segment (e.g., medical malpractice limits of SAR 100,000–1,000,000 by profession category; RIADI health plans from Basic to Elite for SMEs up to 200 employees; motor third-party liability up to SAR 10 million). MEDGULF's underlying technology stack includes a digital insurance platform with mobile and web applications, AI-powered Digital Twin health monitoring (structured-data modality), fraud-detection anomaly software, and Saudi National ID / vehicle registration integration for instant policy issuance. The firm completed a transformative merger with Buruj Cooperative Insurance Company in October 2025 (Baker McKenzie advised), appointed a new Chairman (Yaser Yousef Naghi) in November 2025, and operates with paid-up capital of SAR 1,050,000,000 across a 501–1,000 employee base.

MEDGULF serves four primary customer segments — Individuals and Families (motor, health, travel, domestic worker), SMEs (up to 200 employees, principally through RIADI health), Large Organizations (200+ employees, group health and corporate lines), and Healthcare Professionals and Establishments (medical malpractice). Quantified operational outcomes include motor claim settlement within 15 working days, online claim submission in under 5 minutes, 24/7 customer service availability, and a stated 99% customer satisfaction rate. The company's go-to-market combines direct digital sales, inside sales via contact center, field sales for enterprise accounts, and partner/embedded distribution through reinsurance and healthcare providers.

Name

The Mediterranean And Gulf Insurance And Reinsurance Co.

Legal name

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company

Website

https://medgulf.com.sa

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

501–1,000 employees

Short description

The Mediterranean And Gulf Insurance And Reinsurance Co. (MEDGULF) is a publicly listed Saudi cooperative insurer providing diversified insurance products across health, motor, property, marine, aviation, engineering, and liability lines to over 1 million individual and corporate clients in Saudi Arabia.

Ownership category

akta.pro rank

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Insurance Premiums: MEDGULF generates revenue through insurance premiums across multiple lines including health, motor, property, engineering, aviation, marine, and other insurance categories. The company operates as a cooperative insurance and reinsurance provider serving individuals and corporate clients in Saudi Arabia.
2. Premium-based Revenue: Revenue generated from individual and group insurance policies with various coverage types including comprehensive motor, third-party motor, group health, SME health (RIADI), medical malpractice, property, marine, engineering, aviation, and domestic worker insurance

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

MEDGULF sells cooperative insurance and reinsurance products across 12+ lines — health (Group Health, RIADI SME Health), motor (Comprehensive and Third-Party), medical malpractice, marine, property, accidents & liabilities, aviation, engineering, saving & protection (group life), and domestic worker coverage — to both individual and corporate clients across Saudi Arabia via branches, digital channels and phone support. The portfolio is supported by global reinsurance partners and bundled services such as roadside assistance, the Salem healthcare program, and a 500K-download mobile app with Digital Twin AI health monitoring.

Product overview

MEDGULF (The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company) operates as a diversified insurance provider in Saudi Arabia, offering a comprehensive portfolio of insurance products across health, motor, property, marine, aviation, engineering, and specialty lines. The company serves both individual and corporate clients through core insurance products (Group Health, RIADI SME Health, Comprehensive Motor, Third Party Motor, Medical Malpractice, Marine, Property, Accidents & Liabilities, Aviation, Engineering, Saving & Protection, and Domestic Worker Insurance), supplemented by digital services (mobile app with AI health monitoring, online claims portals), the Salem Program customer service initiative, talent development (NEXTGEN Academy), and innovation programs (AI Hackathon). MEDGULF also maintains strategic reinsurance partnerships with global reinsurers and completed its merger with Buruj Insurance in October 2025.

Differentiator

Problem solved

Functional benefit

Brands

• RIADI: Customizable health insurance plan designed specifically for small and medium-sized enterprises (SMEs) with up to 200 employees, offering flexible options to meet unique business and employee needs.

Products and services

• Comprehensive Motor Insurance Full coverage motor insurance protecting against road accidents, fire, theft and natural perils with third-party liability up to SAR 10 million, plus optional add-ons such as personal accident coverage, geographical extensions and roadside assistance. Target customers: individual and corporate vehicle owners in Saudi Arabia.
• Third-Party Motor Insurance Mandatory basic motor insurance covering third-party bodily injury and property damage up to SAR 10 million for drivers who cause accidents. Target customers: individual and corporate vehicle owners in Saudi Arabia seeking statutory coverage.
• Group Health Insurance Comprehensive group health insurance for organizations with extensive hospital networks across Saudi Arabia, providing health benefits to employees of large corporations.
• RIADI Health Insurance for SME Customizable health insurance tailored for small and medium-sized enterprises with up to 200 employees, offering five plan tiers (Basic, Advance, Premier, Executive, Elite) with varying hospital networks, room types and benefit limits up to SAR 500,000 shopping annual benefit per person.
• Medical Malpractice Insurance Professional liability insurance for healthcare professionals and medical establishments covering claims of medical negligence, categorized by profession risk level (Category A: paramedics/technicians SAR 100,000–300,000; Category B: midwives SAR 300,000–500,000; Category C: surgeons/anesthetists SAR 500,000–1,000,000).
• Marine Insurance Protection for goods and vessels, including land transit insurance (single shipment and open cover), marine cargo insurance, and marine hull coverage for collision, third-party liability and navigation risks.
• Property Insurance Coverage for property damage and related risks for businesses and individuals.
• Accidents and Liability Insurance Comprehensive liability coverage including Public Liability, Banker's Blanket, Fidelity Guarantee, Money Insurance, Comprehensive General Liability, Directors & Officers Liability, Workmen's Compensation, Personal Accident (Group), Event Cancellation, Motor Traders, Blood Stock and Professional Indemnity insurance.
• Aviation Insurance Coverage for aircraft hulls, passenger liability, third-party liability, airport operations and unmanned aerial systems (drones), including hull damage, spare parts and third-party liability.
• Engineering Insurance Coverage for engineering projects and equipment including Boiler & Pressure Insurance, Contractors All Risk, Erection All Risk, Electronic Equipment, Machinery Breakdown, Plant & Equipment, and Inherent Structural Defects Insurance.
• Saving and Protection Insurance Group life insurance providing coverage against risks including death benefits, accident death, permanent/temporary disability, medical expenses, terminal illness and repatriation cover for employees.
• Domestic Worker Contract Insurance Coverage for employers and domestic workers including repatriation expenses (up to SAR 6,000), disability-related costs, alternative worker recruitment (up to SAR 20,000), death coverage (up to SAR 25,000) and unpaid salary protection (up to 4 months).
• Roadside Assistance 24/7 emergency roadside assistance including towing, winching, tire replacement, battery charging, fuel delivery, taxi service and locksmith services, available as an add-on to motor insurance policies.

Quantifiable outcome

• Motor claims processed and settled within 15 working days
• +4 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature3 records

Partnerships

14 partnerships are on record, tiered core and minor.

• Buruj InsurancecoreStrategic or Co-development Partner · 23 October 2025Buruj Insurance merged into MEDGULF in October 2025. Buruj was absorbed into MEDGULF with new shares issued to Buruj shareholders, creating a stronger insurance platform in Saudi Arabia. Baker McKenzie advised on the merger.
• Munich RecoreTechnology or IntegrationGlobal reinsurance partnership providing risk coverage and financial backing for MEDGULF's insurance operations. Munich Re is headquartered in Germany and is one of the world's largest reinsurers.
• Swiss RecoreTechnology or IntegrationStrategic reinsurance partnership with Swiss Re, a leading global reinsurer from Switzerland, supporting MEDGULF's risk management and underwriting capabilities.
• AXA XLcoreTechnology or IntegrationReinsurance partnership with AXA XL operating from USA and UAE locations, providing additional capacity and specialty risk expertise.
• R+V RecoreTechnology or IntegrationGerman-based reinsurance partner R+V Re providing cooperative insurance reinsurance solutions and risk coverage.
• Liberty Mutual RecoreTechnology or IntegrationPartnership with Liberty Mutual Reinsurance operating from USA and UAE, supporting MEDGULF's insurance capacity and risk distribution.
• Korean RecoreTechnology or IntegrationStrategic reinsurance partnership with Korean Re based in South Korea with UAE operations, providing Asian market expertise and risk capacity.
• HelvetiacoreTechnology or IntegrationSwiss reinsurance partner Helvetia providing active reinsurance solutions and supporting MEDGULF's European risk coverage capabilities.
• Deutsche RückcoreTechnology or IntegrationGerman mutual reinsurance partner Deutsche Rück supporting MEDGULF's risk management and underwriting operations.
• Saudi RecoreTechnology or IntegrationLocal Saudi Arabian reinsurance partner providing domestic market expertise and supporting MEDGULF's position in the Saudi insurance market.
• iO HealthminorStrategic or Co-development PartnerStrategic collaboration as part of MEDGULF's outward-facing technology and growth strategy, focusing on healthcare innovation and digital health solutions.
• Chinese International PartnersminorStrategic or Co-development PartnerStrategic international partnerships with Chinese companies as part of technology and growth strategy initiatives.
• WaseelminorStrategic or Co-development PartnerStrategic partnership for AI and Innovation Hackathon. Waseel employees participate alongside MEDGULF staff in the 5-month hackathon focused on digital transformation and innovation.
• Financial AcademyminorImplementation/ SI/ Consulting PartnerStrategic partnership providing external training opportunities for MEDGULF Academy participants and professional development programs.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• The Company for Cooperative Insurance (Tawuniya): Tawuniya is the largest cooperative insurance provider in Saudi Arabia, offering health, motor, and general insurance to individuals and corporates. It is the closest direct competitor to MEDGULF in the cooperative insurance space and a benchmark for Saudi market scale and product breadth.
• Saudi Enaya Cooperative Insurance: Saudi Enaya is a cooperative health insurer specializing in medical and group health coverage. It directly competes with MEDGULF's Group Health and RIADI products in the Saudi healthcare insurance market.
• Bupa Arabia for Cooperative Insurance: Bupa Arabia is a leading Saudi cooperative health insurer and the dominant player in the group health segment. It directly competes with MEDGULF's Group Health and RIADI SME health products, with comparable distribution models and customer segments.
• Salama Cooperative Insurance: Salama is a Saudi cooperative insurer with a diversified portfolio including health, motor, and general insurance. It is similarly structured as a Sharia-compliant cooperative insurer serving both individual and corporate clients in KSA.
• Arabian Shield Cooperative Insurance: Arabian Shield is a Saudi cooperative insurer offering diversified insurance products including motor, health, property, and engineering coverage. It competes with MEDGULF in the broader Saudi cooperative insurance landscape.
• Amana Cooperative Insurance: Amana Cooperative Insurance is a Saudi insurer offering motor, health, and general insurance lines. It is a smaller-scale direct competitor to MEDGULF, with similar cooperative insurance structure and Saudi-only geographic focus.
• Al Etihad Cooperative Insurance: Al Etihad is a Saudi cooperative insurer offering health, motor, and general insurance products. It operates in the same regulatory framework and competes for similar individual and SME customer segments as MEDGULF.
• Walaa Cooperative Insurance: Walaa is a Saudi cooperative insurer offering motor, health, property, and engineering lines with similar geographic focus and customer segments. It competes head-to-head with MEDGULF across multiple product lines in the Saudi market.
• Gulf Union Cooperative Insurance: Gulf Union is a Saudi cooperative insurer providing motor, health, property, and engineering coverage. It serves comparable customer segments and competes with MEDGULF in the broader Saudi cooperative insurance market.

Emerging players

• Saudi Reinsurance Company (Saudi Re): Saudi Re is the domestic Saudi reinsurer and also a MEDGULF partner. It overlaps with MEDGULF in providing reinsurance capacity in the Saudi market and competes for the same ceded premium from primary insurers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/MedgulfSaudi

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Mediterranean And Gulf Insurance And Reinsurance Co.