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Wafa Insurance, officially known as the Saudi Indian Company for Cooperative Insurance, was a publicly listed insurance provider (Tadawul: 8180) operating in the Kingdom of Saudi Arabia. Founded in 2007, the company offered various insurance products including motor, medical, property, and casualty. Due to accumulated losses and failure to meet solvency margin requirements, the Saudi Central Bank (SAMA) ordered Wafa Insurance into liquidation in November 2020. The company ceased writing new business and is currently under the administration of appointed liquidators to wind down its operations and settle obligations.
Prior to liquidation, this office served as the corporate headquarters, housing key departments like underwriting, claims management, finance, and executive leadership for its operations across Saudi Arabia.
Located in Al Mousa Centre, a known commercial complex in Riyadh. Specific architectural highlights of the office itself are not extensively documented; it was a functional corporate office.
Before its financial troubles escalated, the work culture likely mirrored that of other insurance firms in the region, emphasizing customer service, risk management, and sales. The environment shifted dramatically towards uncertainty and eventual wind-down as financial issues became critical, culminating in liquidation.
This was the central hub for all of Wafa Insurance's strategic decisions and operational management within Saudi Arabia until its operations ceased.
Wafa Insurance's operations were confined to the Kingdom of Saudi Arabia. It did not maintain a global presence or international branches. All its services, including underwriting, policy issuance, and claims processing, were targeted towards the domestic Saudi market prior to its liquidation.
Al Mousa Centre, Tower 3, 5th Floor, Olaya Main Street
Riyadh
Riyadh Province
Saudi Arabia
Address: King Fahd (Sitteen) Street, Al-Falak Square, Jeddah (Historical)
To serve the insurance needs of individuals and businesses in Jeddah and the surrounding Western Region of Saudi Arabia.
Address: King Faisal Bin Abdulaziz Road, Al-Bandariyah, Al Khobar (Historical)
To cater to the insurance market in Al Khobar, Dammam, and the wider Eastern Province of Saudi Arabia.
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As of April 2025, Wafa Insurance' leadership includes:
Wafa Insurance has been backed by several prominent investors over the years, including:
Following years of financial distress, Wafa Insurance saw the dissolution of its executive team with the liquidation order in November 2020. The focus shifted to the appointment of external liquidators to manage the company's wind-down. No operational hires have occurred since.
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Due to Wafa Insurance's liquidation, official email communication channels are no longer active. Historically, the company likely used common corporate email formats in Saudi Arabia, such as combining first name initials and last names with their domain.
flast@wafa.com.sa (e.g., jsmith@wafa.com.sa - hypothetical, based on common patterns for the former domain wafa.com.sa)
Format
info@wafa.com.sa (formerly a general contact, now defunct)
Example
0%
Success rate
Argaam / Saudi Central Bank (SAMA) • November 26, 2020
The Saudi Central Bank (SAMA) announced its decision to initiate liquidation procedures for Wafa Insurance Co. due to the company's inability to rectify its deteriorating financial position and meet solvency requirements after accumulated losses exceeded 50% of its capital....more
Argaam / Tadawul • February 1, 2021
Wafa Insurance announced on Tadawul the appointment of Al-Azem, Al-Sudairy, Al-Shaikh & Partners (member firm of Crowe Global) and Al Tamimi & Company as joint liquidators. Their role is to manage the company's winding-up process, including asset realization and creditor claims, following the liquidation order from SAMA....more
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