SAMA approves Saudi Re’s capital cut to SAR 810 mln

Saudi Re for Cooperative Reinsurance Co. (Saudi Re) on Sunday said it has received Saudi Arabian Monetary Authority’s (SAMA) approval on reducing capital by 19 percent to SAR 810 million from SAR 1 billion, the insurer said in a statement to Tadawul.

Saudi Re’s capital cut is still subject to regulatory approvals, it said.

Last week, the company’s board of directors amended its capital cut recommendation to SAR 810 million from initial proposal of SAR 804 million, Argaam previously reported.

With the capital reduction, the company aims to restructure capital to offset accumulated losses and support future growth.