Saudi Re gets SAMA nod for Probitas deal

01/10/2017 Argaam

 

Saudi Re for Cooperative Reinsurance Co. (Saudi Re) on Sept. 28 obtained the Saudi Arabian Monetary Authority’s (SAMA) no objection to acquire a 49.9 percent stake in Probitas Holdings Bermuda Limited (PHBL), the insurer said in a statement to Tadawul.

 

Saudi Re signed a deal in July to acquire 49.9 percent of Probitas ordinary shares and the ownership of three other subsidiaries for a total of $25 million, Argaam previously reported.

 

Last week, the insurer said it had obtained approval from Lloyd’s of London for the deal.

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