Tawuniya chairman Abdulaziz Alnowaiser resigns six months after his reappointment

Saudi insurer Tawuniya, formally The Company for Cooperative Insurance, has lost its board chairman. Abdulaziz bin Ibrahim Alnowaiser gave up both the chair and his non-executive seat, giving "professional commitments" as the reason, according to Middle East Insurance Review. Tawuniya disclosed the move to the Saudi Exchange on 25 October. No successor has been named yet, and the report gives no effective date.

The departure comes six months after Alnowaiser was reappointed chairman for a new three-year term. According to Argaam, the Insurance Authority gave its no-objection to that reappointment in April, when Salman bin Fares Alfares became deputy chairman after shareholders elected the board at the ordinary general meeting earlier that month.

Shareholders have taken other decisions this year: in September an extraordinary general meeting approved a one-for-two bonus share issue, Argaam reported.