Malath Cooperative Insurance Co. was awarded today an auto insurance contract with Bank Albilad, the insurer said in a bourse statement.
Under the one-year contract which comes into effect starting Nov. 1, 2019, Malath will offer auto insurance coverage to the bank’s vehicle leasing program, it said.
The value of the deal’s annual premiums likely to reach 5 percent of the company’s annual sales.
The deal has no related parties, the statement added.
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