ANB renews SAR 200 mln insurance policy with MetLife AIG

Arab National Bank (ANB) has inked a one-year agreement with Metlife AIG ANB Cooperative Insurance Co. to renew its directors and officers liability policy at a total coverage of SAR 200 million, with annual premium amounting to SAR 370,000, both companies said in separate statements.

The proposal was approved on June 19, 2017.

The one-year policy— which comes into effect on July 1— will be renewed upon mutual agreement.

Both parties said that no preferential treatment was given, even though Robert Eid and Nizar Al Twaijri – who serve as ANB representatives on Metlife AIG’s board – have direct interest in the policy.