Logo of Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF)
The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF) was awarded, on Dec. 13, a contract to provide health insurance services for Saudi Electricity Co.’s (SEC) employees and their dependents.
The contract, valid for one year starting Jan. 1, 2024, is valued at more than 30% of total revenues according to the latest audited financial statements for 2022, the insurer said in a statement to Tadawul.
This deal is expected to positively impact the company's profit for 2024, the statement added.
There are no related parties to the contract.
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