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About Us

Der3 is a registered trademark of and is underwritten by Arabian Shield Cooperative Insurance Company which is regulated by the Saudi Arabian Monetary Agency (SAMA) and the Council for Cooperative Health Insurance (CCHI).

Medical, Motor, Property, Engineering, Marine, Liability, Accident, Protection and Savings Insurances are provided for both companies and individuals.

 

Company History

 

Arabian Shield began operations in 1998 when the company, at that time incorporated as a Bahraini Company, was represented in Saudi Arabia by an agent.

Application was made to incorporate a Saudi cooperative insurance company following the licensing and regulation of the insurance industry in Saudi Arabia.

Arabian Shield Cooperative Insurance Company was incorporated in May 2007 as a Saudi Joint Stock Company and was granted a license from SAMA in September 2007 to transact general and medical insurance business in Saudi Arabia. The business previously underwritten by the Bahraini company was transferred to Arabian Shield Cooperative Insurance Company which commenced operations on 1 January 2009.

 

Corporate Philosophy

The corporate philosophy is to provide security and peace of mind to  customers by providing superior insurance coverage supported by a strong reinsurance program, an efficient and fast claims settlement process and excellent customer service and advice.


Board of Directors

 

Board Members

Prince Naif bin Sultan bin Mohammed bin Saud Al-Kabeer (Chairman)

 

Prince Naif bin Sultan bin Mohammed bin Saud Al-Kabeer, an experienced businessman. in addition, he’s a member of the Board of Directors of Almarai Company, Yamama Cement Factory, Al-Farabi Petrochemical Company, Technical Projects and constructions Establishment, and the Arab Cubs Establishment for constructions. Prince Naif holds a Bachelor degree in Business Administration (Marketing) from King Saud University in 1997.

Mr. Sameer Ibrahim Al-Wazzan (Vice Chairman) 

He holds degrees in management from well-known universities such as Stanford University in California, USA Manchester college for Business in UK and the Bahrain University. Mr. Sameer Al Wazzan has more than 32 years of international experience in the insurance industry. He has held senior management positions such as Chief Executive Officer of Al Khazna Insurance Company in the UAE and Solidarity Group in the Kingdom of Bahrain. also, he served as the General Manager of Bahrain- Kuwait Insurance Company, Unitac and National Insurance Company. He also contributes to the establishment of the Bahrain Insurance Association and he was the Chairman of the Board of Directors for two sessions 1986 and 2008. In 2009, he was awarded the honor of Best Insurance Man of the Middle East by the Central Bank of Bahrain (CBB).

 

Eng. Abdullah Al Obeikan

He’s the Chairman of the Board of Directors of many Subsidiary Companies Group includes, Chairman of the Board of Directors of Al Obeikan Al Wabak Limited Company, Integrated Packaging Systems Co., Ltd and Obeikan AGC Ltd. He is also Vice-Chairman of the Middle East Specialized Cables Company (MESC). He is a member of a number of organizations that are working in a field of occupational health and safety. He holds a Bachelor degree in Electrical Engineering from King Saud University in Riyadh 1986.

 

Mr. Turki Bin Nasser Al Mutawa

Mr. Turki Al-Mutawa graduated from King Saud University in 1424H with a major in Business Administration and Marketing. He has proven experience in the field of finance and business. Mr. Turki has several investments in many Saudi companies. He was also a Board Member of Yamama Cement Company from 2008 to 2012.

 

Mr. Raed bin Ali Al- Saif

Since 2008, Mr. Raed has been the Director of Investment and Business Development in a large Private investment Office. The department oversees investments and advice in listed and private companies, as well as overseeing all commercial activities and joint ventures with local and foreign companies as well as real estate projects and development. Mr. Al-Saif holds a Bachelor degree in administration Science in Accounting from King Saud University in 1996.

 

Mr. Mohammed bin Ahmed bin Ali

Mr. Mohamed is a Board Member and Chairman of the Audit Committee of Arabian Shield Insurance Company. He holds a Bachelor degree in Accounting from King Saud University in 1994, and a Fellowship of the Saudi Organization for Certified Public Accountants in 2013. Mr. Mohammed has a wide range of experience in many fields such as Saudi Airlines, Riyadh Care Hospital and Tatweer Educational Services. He is currently the Director of Finance and accounting at AJA Pharmaceuticals.

CEO 

Basem Odeh - Chief Executive Officer 

Mr. Odeh graduated with a bachelor degree in law from the University of Jordan-Amman, he also holds an Insurance Diploma from the Chartered Insurance Institute – London. He has over 30 years of insurance experience.

He served as Chairman of the Insurance Executive Committee for Saudi Insurance Companies for three consecutive terms. He was also a Board member of Najm Company for 9 years. Previously, Mr. Odeh was a President of Riyadh Insurance Institute, and member of the national insurance committee in the council of Saudi chambers. Mr. Basem works for the Arabian shield cooperative insurance since it founded as a Bahrain company in 1998. And become the General Manager of the Company since 2007 when it has registered as a Saudi public listed Company.

 

External Auditors

Al-Azem & Al-Sudairy CPA's (CROWE Global)
Associated Accountants