Saudi Re inks over SAR 135M reinsurance contracts with Probitas Corporate Capital

Logo of Saudi Reinsurance Co. (Saudi Re)

Saudi Reinsurance Co. (Saudi Re) signed today, March 20, reinsurance contracts with Probitas Corporate Capital Ltd, a related party, for one year from Jan. 1, 2024.

The estimated gross written premiums (GWPs) value is SAR 135.03 million, the insurer said in a statement to Tadawul.  

The contracts will positively impact the GWPs and the relevant financial impact will appear in 2024 financial statements.

Saudi Re Chairman Abdulatif Al Fozan and Managing Director and CEO Fahad Abdulrahman Al-Hesni are related parties as they are board members of Probitas Holding (Bermuda) Ltd., the parent company of Probitas Corporate Capital Ltd.

Additionally, CFO Nilmin Pieries is a related party, as he is a board member of Probitas Corporate Capital Ltd.

These contracts were concluded within the usual course of business with no preferential privileges, the statement added.