Arabian Shield inks insurance coverage agreement with SNB

27/01/2022 Argaam

Logo of Arabian Shield Cooperative Insurance Co.

Arabian Shield Cooperative Insurance Co. signed, on Jan. 26, an insurance coverage agreement with Saudi National Bank (SNB), at an initial value of the annual gross written premium (GWP) of SAR 215.2 million.

 

In a bourse statement, the company said the agreement aims to provide insurance coverage for the bank's employees for one year, starting Jan. 1.  

 

The relevant financial impact is expected to appear in 2022.

 

SNB is a related party, as it is the largest shareholder of Arabian Shield, with a 11.2% stake.

 

The insurer confirmed that the contract is in the ordinary course of business and has not been granted any special benefits.

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