Walaa Completes Acquisition of Aspire in Major Cross-Border Deal
Deal News | Jun 20, 2025 | Re-Insurance News
Walaa Cooperative Insurance Company, a listed insurance giant from Saudi Arabia, has finalized its acquisition of an 88% majority stake in Aspire Underwriting Agency Ltd. (AUAL), a DMA based in the Dubai International Financial Centre (DIFC). The transaction, approved by the Dubai Financial Services Authority and the Saudi Insurance Authority, was valued at approximately SAR 68 million (USD 18 million). Founded in 2017, AUAL operates in over 100 countries, providing facultative reinsurance primarily across energy, power, and property sectors. The transaction aligns with Walaa’s strategic plan to augment and diversify its reinsurance business. This acquisition is a testament to the emergence of DIFC's increasing importance as a hub for MGAs and reflects the trend of Saudi-backed companies investing across borders. The deal is expected to enhance Walaa’s financial performance by the end of Q4 2025. Walaa, headquartered in Al Khobar, Saudi Arabia, continues to extend its influence in the MENA region through this significant acquisition.
Sectors
- Insurance
- Financial Services
- Energy
Geography
- Saudi Arabia – Walaa Cooperative Insurance is headquartered in Al Khobar and serves the Saudi market.
- United Arab Emirates – Aspire Underwriting Agency is based in Dubai International Financial Centre, making UAE a significant geography for the context of this deal.
- MENA – The acquisition expands Walaa's capabilities in the MENA region, marking its significance in the geographical spread.
Industry
- Insurance – Walaa Cooperative Insurance is a major player in the insurance industry, having acquired Aspire Underwriting, which specializes in facultative reinsurance.
- Financial Services – The acquisition involves cross-border financial transactions that show the growing role of the DIFC as a hub for MGAs.
- Energy – AUAL provides facultative reinsurance in the energy sector, making it a critical component of this industry.
Financials
- SAR 68 million (USD 18 million) – The total value of the acquisition for the 88% stake in Aspire Underwriting.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Walaa Cooperative Insurance Company | Buyer | Company | A listed Saudi insurance company focused on expanding its reinsurance capabilities. |
| Aspire Underwriting Agency Ltd. (AUAL) | Target | Company | A DIFC-based Managing General Agent specializing in facultative reinsurance. |
| Dubai Financial Services Authority | Regulatory Approval | Government | Provided necessary regulatory approval for the transaction. |
| Saudi Insurance Authority | Regulatory Approval | Government | Approved the acquisition as required by Saudi regulations. |