CHUBB Arabia approves new Saudi reinsurance venture

CHUBB Arabia Cooperative Insurance Co.’s board initially approved the offer submitted by Chubb International Investment Ltd. to establish a reinsurance company in the Kingdom.

According to a statement on Tadawul, the new company will be established in partnership with Al Khereiji Investment Co., as related parties, with CHUBB Arabia holding a 10% stake in the capital of the proposed company.

The company said the approval is preliminary and non-binding and remains subject to obtaining all required regulatory and statutory approvals from the relevant authorities. It added that any developments will be disclosed in due course.

According to Argaam data, Al Khereiji is a major shareholder in CHUBB Arabia, holding around a 25% stake, equivalent to 10 million shares.