MEDGULF secures 1-year health insurance contract from SWCC

30/12/2021 Argaam

Logo of The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) bagged, on Dec. 29, a contract from the Saline Water Conversion Corp. (SWCC), according to a bourse filing.

 

Under the one-year contract, the Saudi insurance company will provide health insurance coverage for SWCC employees and their families.

 

The contract revenue is forecast to exceed 5% of the insurer’s gross written premiums (GWPs) for 2020, the statement added.

 

The relevant financial impact will likely appear on financial results of 2022.

 

The contract included no related parties, the statement indicated.

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