Malath inks an agreement, renews another with Abdullatif Alissa Group

Malath Cooperative Insurance Co. has signed an agreement with Abdullatif Alissa Group Holding Holding to provide general insurance coverage for the group and its affiliates, the insurer said in a bourse statement.

The company also renewed an auto insurance policy with Alissa Group.

Both agreements are valid for one year from March 1.

The annual premiums of the agreements exceed 10 percent of the insurer’s total sales for 2017, the statement added.

Malath expects a positive financial impact from the two deals to be reflected starting from Q2 2018.

The transaction is a related party deal as Malath’s board member, Mohammed Al Hegylain, is also a board member at Al Yusr Installment Co., one of Abdullatif Alissa’s affiliates.

The insurer’s general assembly had previously approved the transactions.