Saudi Re inks reinsurance contracts with Probitas, GWPs estimated at SAR 177 mln

Saudi Re for Cooperative Reinsurance Co. (Saudi Re) announced today, Nov. 24, 2020, the signing of reinsurance contracts with Probitas Corporate Capital Ltd.

The one-year term contracts will come into effect on Jan. 1, 2021.

The company added that the gross written premium (GWP) is estimated at SAR 177 million, highlighting that the contracts will have a positive impact on boosting GWP and the financial impact will be reflected from FY 2021.

Saudi Re clarified that there is an indirect interest for the company’s chairman Hesham Abdulmalik Al-Shaikh, CEO/Managing Director Fahad Abdulrahman Al-Hesni and board member Jean-Luc Gourgeon, as they hold membership on the board of Probitas Holding (Bermuda) Ltd., the parent company of Probitas Corporate Capital Ltd.

Also, there is an indirect interest for board member Jean-Luc Gourgeon and CFO Nilmin Pieries as they are members on the board of Probitas Corporate Capital Ltd.

The insurer confirmed that the contracts are within the usual course of its business activity and no preferential treatment has been given to these contracts.