Saudi United Cooperative Insurance Co (Walaa Insurance) settled a dispute with al-Mayazeen for Insurance Agency after al-Mayazeen had dropped the lawsuit, the insurer said in a statement.
The dispute was settled without financial compensation, the company added.
Al-Mayazeen, Walaa’s former agent, filed a complaint in 2011 demanding SAR 74.7 million for damages incurred following Walaa’s cancellation of a contract.
Walaa is a specialist insurance company focused on business risk.
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