MedGulf Cooperative Insurance and Reinsurance Co. denied reports that it is contemplating a potential sale of the firm, Bloomberg News reported May 29.

"Three people familiar with the matter" had told the newswire that the Saudi Arabia-based insurance company had been looking into putting itself up for sale and exploring other strategic options with the help of Banque Saudi Fransi's investment banking division. International insurers seeking entry into Saudi Arabia could be interested in MedGulf, Bloomberg said May 28.

However a MedGulf spokesman rejected the report, saying the company was not exploring strategic options that could include a sale of the business, and has not tapped Saudi Fransi Capital as an adviser on such a process, the newswire said.