Solidarity Takaful cancels marketing deal with insurance agency

Solidarity Saudi Takaful Co. has canceled its marketing contract with Holding Co. for Insurance agency as of Dec. 18, 2017, it said in a statement to Tadawul.

Solidarity received a letter from Holding Co. for Insurance expressing its desire to cancel the contract due to high operating costs and a decision by the agency’s founders to cancel its license.

The cancelation of the contract will have a limited impact on Solidarity’s financials, the statement said.

The insurer inked a marketing agreement last month with Holding Co. for Insurance to market and sell Solidarity’s insurance policies all over the Kingdom.