Saudi Re obtains Lloyd’s approval on Probitas deal

Saudi Re for Cooperative Reinsurance Co. (Saudi Re) on Sept. 26 obtained approval from Lloyd’s of London to acquire a 49.9 percent stake in Probitas Holdings Bermuda Limited (PHBL), the insurer said in a statement to Tadawul.

The deal is still subject to the approval of regulatory bodies in Bermuda and the Saudi Arabian Monetary Agency (SAMA), the statement said.

In July, Saudi Re Saudi signed a deal to acquire 49.9 percent of Probitas ordinary shares and the ownership of three other subsidiaries for a total of $25 million, Argaam previously reported.

PHBL is a limited liability company registered in Bermuda. It invests in Lloyd’s insurance and reinsurance market.

The deal involves PHBL’s three subsidiaries, Probitas Holdings (UK) Ltd, Probitas Corporate Capital Ltd, and Probitas 1492 Services Limited.