Saudi Arabian telecom operator Zain KSA is moving into the insurtech sector through its investment arm, Al Sayra Holding Company, which has partnered with global insurance specialist Prevensure to acquire Saudi-based Green Shield Insurance Brokers Ltd (GSIB). The joint venture, announced Tuesday, gives Al Sayra Holding a 60% stake and Prevensure 40%.
The partnership aims to transform GSIB into a next-generation insurance brokerage, offering both traditional and digital insurance products to individuals and enterprises in Saudi Arabia. The company will leverage Zain KSA’s digital ecosystem and Prevensure’s expertise in insurance and risk management to improve accessibility, drive innovation, and expand financial inclusion across the market.
Zain KSA CEO Saad bin Abdulrahman Al-Sadhan said the move reflects the company’s strategy to diversify into telco-adjacent sectors and strengthen its role as a digital lifestyle enabler. He highlighted that insurtech in Saudi Arabia is projected to grow at a CAGR of 31%, making it a promising market for innovation and growth.
Jean-Pierre Assaf, Chairman and Group CEO of Prevensure Group, added that the JV marks a strategic milestone in Prevensure’s Middle East expansion, with a shared focus on delivering customer-centric, agile, and digitally powered insurance solutions.
