Saudi Reinsurance Co. Announces Contract Sign Off with Probitas Corporate Capital Ltd. (Related Party)

Saudi Reinsurance Co. Announces Contract Sign Off with Probitas Corporate Capital Ltd. (Related Party)

Element List

Explanation

Introduction

Saudi Reinsurance Company “Saudi Re” announces signing reinsurance contracts with Probitas Corporate Capital Ltd. on 20/03/2024 corresponding to 10/09/1445H.

Date of Announcement of the Award

2024-03-20 Corresponding to 1445-09-10

Contract Subject Matter

Reinsurance contracts

The Entity with Which the Contract was Signed

Probitas Corporate Capital Ltd. (Related Party)

Date of Signing the Contract

2024-03-20 Corresponding to 1445-09-10

Contract Value

Estimated Gross written premium SAR 135.03 million.

Contract Details

Reinsurance contracts

Contract Duration

One Georgian year starting from 01/01/2024.

Financial Impact and the Relevant Period

The contracts will have a positive impact on increasing gross written premium and the financial impact will appear in the financial results commencing from year 2024.

Related Parties

There is an indirect interest for the Chairman of the Board of Directors Mr. Abdulatif Ali Al-Fozan, MD/CEO Mr. Fahad Abdulrahman Al-Hesni, their membership in the Board of Directors of Probitas Holding (Bermuda) Ltd., the parent company of Probitas Corporate Capital Ltd. Also, there is an indirect interest for the CFO Mr. Nilmin Pieries for his membership in the Board of Directors