MEDGULF forecasts revenue surge on reinsurance cession to local market

09:18 AM (Mecca time) Argaam
Logo ofMediterranean Gulf Insurance Reinsurance Co. (MEDGULF)

Logo of Mediterranean & Gulf Insurance & Reinsurance Co. (MEDGULF)

The Mediterranean & Gulf Insurance & Reinsurance Co. (MEDGULF) anticipates increased revenue from the Saudi market on the new mechanism for reinsurance premiums cession to the local market, as reflected in its upcoming 2024 financial results.

 

 

In a statement to Tadawul, the company said this development follows an Insurance Authority (IA) circular dated November 15, 2024.

 

The circular requires the cession of at least 30% of reinsurance premiums to the local market for 2025.

 

This applies to all reinsurance treaties at the negotiation stage and to each risk associated with facultative reinsurance (both proportional and non-proportional), effective Jan. 1, 2025.

 

Reinsurance companies have the priority right to accept or reject these offers, the statement added.

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