Walaa Insurance inks pact with Aramco to provide insurance coverage

Logo of Walaa Cooperative Insurance Co. 

Walaa Cooperative Insurance Co. signed, on March 30, an insurance coverage contract with Saudi Arabian Oil Co. (Aramco) for a value that exceeds 15% of the gross written premiums for 2022, the insurer said in a bourse statement.

The one-year agreement, starting April 1, will provide insurance coverage on energy, property, motor, marines and others, the statement added.

The contract will have a positive impact on the company’s 2023 financials.

No related parties are included in the deal and no preferential treatment was given on this policy, which was finalized within the usual business activity, Walaa indicated.