UCA obtains SAMA approval on cancelling reinsurance activity

Logo of United Cooperative Assurance Co.

United Cooperative Assurance Co. (UCA) received, on Sept. 8, the approval of the Saudi Central Bank (SAMA) to amend the permit of its cooperative insurance and reinsurance activity.

The company said in a bourse filing that it will be limited to the practice of insurance activity only, upon its request.

This amendment will not have any negative impact, as reinsurance operations in the previous years did not have any material impact on the volume of the company’s business.

The procedure may lead to raising the company’s solvency margin, which will enable it to achieve better investment returns in the future.