Baker McKenzie Advised Buruj Cooperative on its Successful Merger with Medgulf
The global law firm Baker McKenzie has advised Buruj Cooperative Insurance Company (Buruj) on its successful merger with the Mediterranean and Gulf Insurance and Reinsurance Company (Medgulf), approved by the general assemblies of both companies on 23 October 2025.
“This transaction reflects the growing momentum of consolidation in the Saudi insurance sector, as companies seek to build scale, enhance competitiveness, and deliver greater value to policyholders and shareholders alike. We are proud to have supported Buruj in this strategic agreement.” – Nadine Nassar (Senior Counsel, Baker McKenzie Saudi Arabia)
Under the terms of the transaction, Buruj will be merged into Medgulf, with all of Buruj’s rights, liabilities, assets, and contracts subsumed by Medgulf. In exchange, Medgulf will issue 33,157,894 new ordinary shares, each with a nominal value of SAR 10, to Buruj’s shareholders.
The public merger is expected to create a stronger, more resilient insurance platform with enhanced operational capabilities and broader customer reach across Saudi Arabia. It represents a landmark achievement for Buruj as the first successful public merger completed under the newly established framework of the Insurance Authority, setting a precedent for future transactions in the sector. The merger also enables Buruj’s shareholders to benefit from enhanced scale and operational synergies through integration with Medgulf.
The Baker McKenzie team advising Buruj was led by Nadine Nassar, with support from Lama Alhabib, Thamer AlZayer, and Alma Alghamdi.
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