Al Sagr Insurance inks agency agreement with Tadamon

26/12/2019 Argaam

Al Sagr Cooperative Insurance Co. signed yesterday a non-exclusive insurance agency agreement with Tadamon Islamic Co for Insurance, according to the firm’s statement to Tadawul.

 

Under the agreement, the non-exclusive agent, will promote and sell the commercial and individual insurance policies in Saudi Arabia.

 

The deal value will be calculated as a percentage from the premiums collected via the agent. The contract is expected to reflect positively on the insurer’s financials in the short term.

 

The one-year agreement came into effect today, Dec. 26 and will be automatically renewed for a similar period.

 

The Saudi Arabian Monetary Authority (SAMA) has already ratified the agreement on Dec. 17. 

 

No related parties are involved in the agreement, the statement added. 

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