Wala’a Insurance Won’t Renew Chief Executive Officer Contract

Saudi United Cooperative Insurance Co., a Saudi insurer known as Wala’a Insurance, will not renew the term of Chief Executive Officer Martin Schweighauser, which expires on Jan. 31, it said in a statement to the Saudi bourse.

Board member Abdullah Mohammed Al Othman will take over as acting chief executive officer, according to today’s statement.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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