UCA extends engineering insurance coverage with SBG

31/03/2024 Argaam
Logo ofUnited Cooperative Assurance Co. (UCA)

Logo of United Cooperative Assurance Co. (UCA) 

United Cooperative Assurance Co. (UCA) signed a contract with Saudi Binladin Group (SBG) to extend its engineering insurance coverage .

 

The contract's value exceeds 25% of UCA’s 2023 gross insurance premiums based on the audited financial statements, the insurer said in a statement to Tadawul.

 

The contract includes extending the contractor’s all-risk insurance for the expansion of the Custodian of the Two Holy Mosques  project in Makkah.

 

The contract, which starts April 1, is for one year and nine months. It is expected to positively impact the company’s 2024 and 2025 financial results.

 

The deal was done within the ordinary course of business and grants no preferential benefits.

 

The contract included no related parties, the statement added.

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