Malath renews insurance contract with Abdullatif Alissa Group for 1 year

19/02/2019 Argaam

 

Malath Cooperative Insurance Co. has renewed an auto insurance policy and general insurance policy with Abdullatif Alissa Group Holding and its affiliates, the insurer said in a bourse statement. 

Both renewals are valid for one year from March 1.

 

The annual premiums of the agreements exceed 5 percent of the insurer’s total sales for 2018, the statement added.

 

Malath expects a positive financial impact from the two deals to be reflected starting from Q2 2019.

 

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.

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