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Saudi Reinsurance Co. (Saudi Re) announced signing reinsurance contracts with Probitas Corporate Capital Ltd. on Dec. 10 with total written premiums estimated at SAR 217.7 million.
The company said in a bourse statement that the contract duration is one Gregorian year starting from Jan. 1, 2022.
The contracts will have a positive impact on increasing gross written premium and the financial impact will appear in the financial results commencing from 2022.
There is an indirect interest for the Chairman of the board of directors, Hesham Abdulmalik Al-Shaikh; MD and CEO Fahad Abdulrahman Al-Hesni; and board member Jean-Luc Gourgeon for their membership in the board of directors of Probitas Holding (Bermuda) Ltd., the parent company of Probitas Corporate Capital Ltd.
There is an indirect interest for board member Jean-Luc Gourgeon and CFO Nilmin Pieries for their membership in the board of Probitas Corporate Capital Ltd.
No preferential treatment was given on these contracts and they are within the usual course of business activity of the company.
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