Logo ofUnited Cooperative Assurance Co. (UCA)
United Cooperative Assurance Co. (UCA) said it had received a ruling from the Ninth Commercial Circuit of the Commercial Court in Riyadh ordering the opening of liquidation proceedings against the company. 
The court also appointed Marei Al-Omari as trustee to carry out the functions, powers, and duties set out in the Bankruptcy Law and its Executive Regulations, the company said in a statement to Tadawul on Sept. 30.
The ruling also lifted the attachment over all of the company’s assets and ordered their delivery to the trustee. The court rejected the company’s request to open financial reorganization proceedings.
UCA said it would review the ruling and the grounds and reasoning behind it before preparing to file an objection with the Court of Appeal in accordance with applicable regulations. It will announce any developments in this regard.
The company said the financial impact of the ruling cannot be determined at this stage and will be disclosed once it becomes determinable in accordance with relevant regulatory requirements.
It added that it would continue to take the necessary regulatory and legal measures to protect the interests of the company, its shareholders and stakeholders, and would disclose any material developments.
According to Argaam data, one of UCA’s creditors had previously filed a request with the Commercial Court in Riyadh to initiate liquidation proceedings against the company.
The Capital Market Authority’s board suspended trading in the company’s shares on Sept. 13, 2026, pending a decision on the liquidation request following the Commercial Court’s ruling.
The company’s accumulated losses stood at SAR 459.57 million, or 115% of its capital, at the end of the second quarter of 2026.
The Insurance Authority had also suspended the company from issuing or renewing insurance policies for all vehicle products, including comprehensive motor insurance, effective Feb. 19, 2026, citing its failure to take the necessary measures to rectify its position. The company had expected the decision to have a negative impact on its financial results for 2026.
Logo ofUnited Cooperative Assurance Co. (UCA)
United Cooperative Assurance Co. (UCA) said it had received a ruling from the Ninth Commercial Circuit of the Commercial Court in Riyadh ordering the opening of liquidation proceedings against the company.
The court also appointed Marei Al-Omari as trustee to carry out the functions, powers, and duties set out in the Bankruptcy Law and its Executive Regulations, the company said in a statement to Tadawul on Sept. 30.
The ruling also lifted the attachment over all of the company’s assets and ordered their delivery to the trustee. The court rejected the company’s request to open financial reorganization proceedings.
UCA said it would review the ruling and the grounds and reasoning behind it before preparing to file an objection with the Court of Appeal in accordance with applicable regulations. It will announce any developments in this regard.
The company said the financial impact of the ruling cannot be determined at this stage and will be disclosed once it becomes determinable in accordance with relevant regulatory requirements.
It added that it would continue to take the necessary regulatory and legal measures to protect the interests of the company, its shareholders and stakeholders, and would disclose any material developments.
According to Argaam data, one of UCA’s creditors had previously filed a request with the Commercial Court in Riyadh to initiate liquidation proceedings against the company.
The Capital Market Authority’s board suspended trading in the company’s shares on Sept. 13, 2026, pending a decision on the liquidation request following the Commercial Court’s ruling.
The company’s accumulated losses stood at SAR 459.57 million, or 115% of its capital, at the end of the second quarter of 2026.
The Insurance Authority had also suspended the company from issuing or renewing insurance policies for all vehicle products, including comprehensive motor insurance, effective Feb. 19, 2026, citing its failure to take the necessary measures to rectify its position. The company had expected the decision to have a negative impact on its financial results for 2026.
