The United Cooperative Assurance Company (UCA) is a Saudi joint stock company established in May 2008, where the company had started underwriting insurance business except Protection and Savings Insurance since January 2009 with a paid Capital of SAR 400 Million.
UCA had inherited the portfolio and the management of its main shareholder UCA Insurance Company who was active for over thirty five years in servicing the Saudi market and gained the experience in providing the insurance requirements for major companies and projects within the country.
The services offered by the company covers all insurance lines that the company is licensed for by the Saudi Central Bank (SAMA) which includes Property, Casualty and Accident, Liability, Medical, Marine Cargo and Hull, Aviation, Engineering and Energy Insurances.
The company is present through its Head Office in Riyadh and branches in all the main areas of the Kingdom of Saudi Arabia, and its services to the public are provided through our extensively trained and experienced employees who aim to provide our clients with excellent insurance services
The core value for UCA’s success is measured upon a considerable number of clients selecting us for their belief in our ability to meet their expectations in terms of Price, Quality Service and Specialized Expertise. We aim for product and service excellence at all times.
Our fundamental values are offering environment with equal opportunities to our employees for further professional and personal growth. We believe in our work force, and we are inspired to work as a team towards the accomplishment of our goals.
Our essential value is conducting our business according to the highest norms of ethical standards, competence and integrity where we remain stable and reliable to perform to the best of our knowledge, skills and abilities amidst the challenges that constantly face us.
Our basic value is commitment which is a vital key to establish relationships with clients that we care for. We pride ourselves in keeping our workforce and clients well informed about relevant information through efficient communication and information systems that exceed the standard services.
Is to create an environment which promotes the development of young Saudi insurance professionals at the core while developing leading edge agile platforms designed around our clients and their needs. We aim to strengthen our partnerships with our regulators, intermediaries and world class reinsurers by embedding sustainable and transparent business practices.
To create the kingdoms most innovative, professional and sustainable domestic insurer.
is the multidimensional relationship between the company’s shareholders, stakeholders, Board of Directors and top management. It is a corporate practice majorly driven by principles of transparency and integrity with the ultimate goal to protect Shareholders interest, guarantee efficiency of corporate regulatory compliance and safeguard against possible corporate abuse. Good corporate governance practices are not restricted to adopting the relative regulations and implementing internal policies, it also considerably depends on the goodwill and reliability of the company’s management. Corporate governance principles influence how the objectives of the company are set and achieved, how risk is monitored and assessed, and how performance is optimized.
Our corporate governance structure represents our integrity and values, and encourages innovation, development and exploration. United Cooperative Assurance employs the best-known governance principles on all aspects of the company’s activities, both internally and externally.
This section aims at introducing the governance policies adopted in the Company and offers all parties having interest in the Company a real & fair insider vision on the best governance practices by the Company management. Potential beneficiaries include all those who have interests in the Company including shareholders, clients and staff.
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The committee is formed from 3 to 5 members of the board of directors and the board of directors determines its terms of reference and authorities, it’s the responsibility of the executive committee based on delegated authorities, monitoring the implementation of strategy and policies set by the board of directors and risk management and monitor the company performance, budget recommendation, business plan presented for the fiscal year and to ensure the extent on the implementation of board of directors policies.
The committee consists of 3 to 5 members from the board of directors and outside, and this committee plays a fundamental and important role in assisting the board of directors to fulfill its supervisory duties with regard to the integrity of the company’s financial statements and the proposal to appoint the company’s auditors, follow-up and evaluation of the performance of disclosure controls and procedures, evaluation of the effectiveness of internal audit and External auditors and ensuring the adequacy of the company’s internal accounting systems and financial controls, compliance with ethical policies and legal and regulatory requirements, in addition to risk management and compliance and control activities.
The committee consists of 3 to 5 members of the Board of Directors and outside, the tasks of the committees are focused and specialties in recommending to the Board of Directors nomination for membership of the Board of directors in accordance with the approved policies and standards, and periodically reviewing the required needs of the appropriate skills for membership of the Board of Directors and its subcommittees, reviewing the structure of the Board of Directors and making recommendations regarding changes that can be made, ensuring on annual basis the independence of the independent members, linking the recommendation for appointment to the appropriate skills, capabilities and qualifications required, setting and reviewing remuneration and compensation policies for members of the Board of Directors and senior executives.
The committee consists of 3 to 5 members of the Board of Directors and outside and is concerned with assisting the Board of Directors in fulfilling the responsibilities of supervising the risks inherent in the company business and assessing these risks.
Among its tasks and responsibilities is to review the company ability to manage and bear risks based on the analysis provided on the extent of risk management and the formulation of appropriate policies for implementation, reviewing exposures to significant financial risks and other exposures and steps taken to monitor, control and report on exposures including but not limited to related to risks ( market, credit, liquidity, reputation, operation and strategy).
The committee consists of 3 to 5 members from the board of directors and outside, and it is concerned with assisting the board of directors in recommending to the board all matters related to investment, including asset allocation plans, the selection and development of investments in accordance with the rules and controls.
The Shareholders Affairs Unit of the United Cooperative Insurance Company is specialized in providing shareholders’ services and answering their inquiries related to shares and profits data. You can contact the Shareholders Affairs Unit on the following numbers:
Phone: 012 2609200 Ext 2500
Fax: 012 6068622
Mail: P.O. B. 5019 Jeddah 21422