Gulf General Cooperative Ins. taps Mohammed Alghamdi as acting CEO

Gulf General Cooperative Ins. (GGI) appointed Mohammed Alghamdi as acting CEO, according to a Tadawul disclosure. Alghamdi, who currently serves as the insurer’s sales and marketing director, brings over 15 years of experience in retail, corporate, and bancassurance in the Kingdom’s ins. sector.

Leadership shuffle amid turnaround push: The appointment comes as GGI pushes ahead with a restructuring plan after signing a binding share subscription agreement with BlueFive Capital. The agreement will give BlueFive a 42% stake through a capital reduction and increase designed to absorb most of the insurer’s accumulated losses, which reached 91% of share capital in 1Q 2026.