Insuring reliability and sustainability, Medgulf Group has been doing business for over 30 years. The positive track record reflects its strong capitalization, strong operating performance and strong liquidity.
With its sound and variety of insurance products meticulously designed to service a range of clients and portfolios, Medgulf Group offers its services in Saudi Arabia as well as Bahrain, Lebanon, UAE, Jordan, Egypt, Turkey, UK and South Africa.
Today MedGulf embraces core principles such as modernization and innovation to improve its service offering. Medgulf’s resolute commitment towards sound and prudent underwriting policies in the field of Insurance and Risk Management has contributed to its steady growth. This overall positive performance is in line with their strategic goals, consistent financial results and key positioning in local and regional markets.
In Saudi Arabia, Medgulf operates as a cooperative insurance company, boasting the largest capital among insurance companies in KSA (SR 800 Million). The figures speak for themselves, with gross premiums of SAR 1,849,482,433 and net profits of SAR 146,514,414 in 2009. The Medgulf team is justifiably proud of the firm’s history, characterized by continuous, unabated growth that has transformed Medgulf in KSA into a sizeable risk carrier and the one of the largest players in the MENA region. Current economic vicissitudes notwithstanding, a solid financial base supported by sound reinsurance protection which upholds MedGulf’s shortterm and long-term commitments to clients and partners gives the edge required to evolve successfully in an increasingly globalised arena.
“We recognise our humble beginnings, but today we have entered a new environment and the kingdom is positioning itself as a world respected player and a hub for regional excellence. We must ensure - as a key pillar of the Saudi business establishment - that we can effectively mirror that image”, explains Mr. Lufti Fadel El Zein - Executive President.
So how is MedGulf going about strengthening its market share and extending its brand for the long haul? Medgulf’s specific strengths and experiences in complex products in Engineering ROP UP Projects, Aviation and Property All Risks, Health and Life covers have lead the Group to its current prominent position in the insurance market in the Middle East. In addition, ‘Takaful’ Insurance is a segment that MedGulf is looking at carefully as the organisation is keen to provide socially viable alternatives to conventional insurance.
MedGulf’s long standing traditions of integrity may underline their commitment in every policy issued, but the firm’s commitment in valuing diversity – of people and ideas – is invaluable in creating a winning synergy for the organisation. When it comes to employing young Saudi nationals, another cornerstone of sustainability in KSA, Medgulf is determined to position MedGulf as a ‘magnet for insurance talent’. Although it has been said that more could be done to attract young Saudis to the industry, the management places great emphasis on training, rewarding and retaining talent. Upgrading internal infrastructure, IT capabilities and processes is another way to move into the big league and stay there. This immediately helps to expand the existing client base of corporations, individuals and partnerships with brokers, government agencies and institutions, both in the local as well as regional markets.
MedGulf is succeeding in its mission to offer a wide range of business and personal insurance covers expertly customised and competitively priced to meet the exact requirements of corporate and individual clients. “Products are continually re-evaluated and redesigned to ensure they are appropriate in the current environment. We take our work seriously and it shows”, he concludes.
Welcome to a comprehensive range of insurance and reinsurance products and services of the highest standards and reliability
- Insurance and reinsurance in Lebanon, Kingdom of Saudi Arabia, Kingdom of Bahrain, UAE, Turkey, and the United Kingdom, Jordan and South Africa.
- Reinsurance placement in the UK and risk management for its clients in the Middle East.
- Third party administration (management services) in Lebanon, Saudi Arabia, Bahrain, UAE and Jordan.