SAICO was established as a Saudi joint stock company by Royal Decree No. M / 60 dated 9/18/1427 AH (11/10/2006 AD) and Cabinet Resolution No. 233 dated 9/16/1427 AH. Riyadh has chosen to be the location of the main office. In 2010, the company obtained the approval of the Saudi Arabian Monetary Agency to market insurance products. The company aims to undertake all insurance related activities. The company carries out actions that may be necessary to achieve its objectives, whether in terms of insurance or capital investment. It can also own and activate fixed or capital assets, as well as sell, exchange or rent them, either directly or through the companies that create them for this purpose or through partnership with others. The main activity of the company includes providing insurance services in the fields of: automobile, medical, shipping, fire, engineering, aviation, energy,
Seiko has a capital of 300 million riyals, divided into 10 million shares, with a par value of 10 riyals per share. The founders of the company contributed a total value of 60 million Saudi riyals (6 million shares), representing 60 percent of the company's capital, while the remaining 4 million shares, with a nominal value of 40 million riyals, were announced to the public for the initial offer.