Al Sagr Cooperative Insurance Co. has signed a non-exclusive agency agreement with Elite Panorama Company for Cooperative Insurance Agency, the insurer said in a statement on Tadawul on Sunday.
The agreement value was set as a percentage of the premiums collected by the agent from clients under all insurance business lines.
The deal is expected to have a positive impact on the company’s financial statements in the near term, Al Sagr added.
The one-year agreement, which could be automatically renewed, is valid from July 13, 2019 to July 12, 2020, unless one of the two parties notifies the other of the deal termination.
Al Sagr received on April 30 a no-objection letter on the deal from the Saudi Arabian Monetary Authority (SAMA).
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