UCA signs insurance coverage deal with Binladin Group

03/12/2024 Argaam
Logo ofUnited Cooperative Assurance Co. (UCA)

Logo of United Cooperative Assurance Co. (UCA)

United Cooperative Assurance Co. (UCA) signed today, Dec. 3, an agreement with Saudi Binladin Group Ltd. (SBG) to provide an engineering insurance coverage (contractors all risks insurance coverage for the Jeddah Economic Company Tower project).

 

In a statement on Tadawul, the company noted that the contract value exceeds 5% of the gross written premiums (GWPs) as per 2023 audited financial statements.

 

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The deal is expected to have a positive impact on UCA's financial results starting from 2025.

 

The contract is effective for 42 months starting from Dec. 2, 2024, the insurer said, noting that there are no related parties.

 

The company confirms that the agreement was executed within its normal course of business and no preferential advantages were granted.

 

UCA's GWPs reached nearly SAR 1.03 billion in 2023, 5% of which represents nearly SAR 51.5 million, according to Argaam data.

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