Alinma Tokio renews SAR 18.3 mln insurance deal with Naghi Motors

Alinma Tokio Marine Co. renewed an insurance deal with Mohamed Yousuf Naghi Motors Co., worth SAR 18.3 million, for one year, as of August 1, 2020, the company said in a bourse statement.

Under the deal, the company will provide insurance coverage for vehicle business, marine insurance, miscellaneous accidents and general liability under agreed terms and conditions.

The total insurance premium exceeds 5% of Alinma Tokio’s total revenue according to the financial statements for 2019.

The deal is expected to have a positive impact on 2020 financials, the insurer said, noting no related parties are involved in the deal.