The company's underwriting activity in the Kingdom of Saudi Arabia dates back to 1964 when Saudi Arabian Insurance Company Ltd. BSC (C) associate Al Nisr Insurance Company SAL started operating in KSA. Ever since its establishment in 1980, SAICO BSC (C). has been operating in the Kingdom of Saudi Arabia through its general agents Arab Commercial Enterprises (ACE), which has a network of operations across the Middle East region and Europe including Saudi Arabia, Bahrain, Abu Dhabi, Dubai, Lebanon, Qatar, Oman, Kuwait and Greece.

In view of the opportunities presented by the new Insurance Law, SAICO BSC (C) applied for an insurance license through the Saudi Arabian Monetary Agency (SAMA) to establish a new joint stock company. The name of the new company is ''Saudi Arabian Cooperative Insurance Company'' (SAICO). Having obtained license, SAICO has commenced operations on 25 August, 2009.