The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) signed on Sunday an agreement with Saudi Electricity Co. (SEC) to provide cooperative health insurance services, the insurer said in a bourse statement.
Under the one-year agreement, which will be valid from Jan. 1, 2020, MedGulf will provide medical insurance services for SEC's employees and their family members.
The agreement value will be 5% higher than the company's written premiums, based on the 2018 financial statements.
The agreement is expected to have a financial impact on MedGulf's financial statements for 2020.
No related parties are involved in the deal, the insurer added.
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