MEDGULF Wins SAR 216M BIHG Health Insurance Contract

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) landed a contract from Binladin International Holding Group (BIHG) to cover the group's employees and their families under a cooperative health insurance plan. The deal, signed June 14 and disclosed in a statement to Tadawul, runs for one year starting July 1.

The contract value exceeds 5% of MEDGULF's total insurance revenues for 2025. Based on the company's latest audited financials, that threshold sits at roughly SAR 216 million against a SAR 4.32 billion revenue base. MEDGULF said the award will have a positive impact on its 2026 earnings and confirmed no related parties are involved.

The win adds a material block of premium to MEDGULF's health book, which is the company's largest line by revenue. A single contract of this size – roughly 5% of annual top line – reduces earnings uncertainty for the coming year, provided claims experience stays within underwriting assumptions. The one-year term means the revenue contribution is locked in through mid-2026, giving the company a clean base to layer on additional corporate wins.

MEDGULF did not disclose the exact contract value or the number of covered lives. The 5%-of-revenue threshold is a Tadawul disclosure rule, not a cap; the actual figure could be higher. Investors will watch the combined ratio on the health segment in the next two quarterly reports for signs of margin pressure from the new block.