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THE MEDITERRANEAN AND GULF INSURANCE AND REINSURANCE CO ANNOUNCES THE RESIGNATION AND APPOINTMENT OF A MEMBER OF THE BOARD OF DIRECTORS


The Mediterranean and Gulf Insurance and Reinsurance Co announces that board member Professor Ramzi Nassar ( non-executive ) presented his resignation from office to the Board of Directors on 25-09-2014 . The Board of Directors has agreed to his resignation effective from date 24-11-2014. The reasons behind his resignation were related to personal matters.

The Board of Directors has approved in its meeting held on 24.11.2014 the appointment of Dr. Yazid Ohaly (Independent) . The decision of appointment has not been considered final and this appointment will be discussed in the first meeting of the General Assembly to decide on.

On 24-11-2014 an approval from the Saudi Arabian Monetary Agency was obtained .

Mr. Yazid Ohaly holds a doctorate degree in mental illness as well as Master of Health Service Management and has experience in the field of management and has previously held management and leadership positions in a number of companies. Some of these positions include Independant board member of the National Medical Care Co. as well as member of board of directors for SABB Takaful Company .

Medgulf's Chairman and members of the Board of Directors also thank Professor Ramzi Nassar for his efforts and contributions throughout the period of membership of the Council.