Malath Cooperative Insurance and Reinsurance doubled its stake in the fleet insurance cover agreement signed with a subsidiary of Abdul Latif Jameel Company as of October 1, 2014, a filing to Tadawul said.
In November 2012, Malath signed a deal with Abdul Latif Al-Jamil United Leasing Company to jointly cover the company’s fleet, in partnership with Axa Insurance and United Cooperative Insurance Company (UCA).
The three-year agreement took effect on January 1, 2013.
Malath said increasing its receivable annual installments to around SAR 450 million will have a positive impact as of the fourth quarter of 2014.
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