Sanad Insurance announces the elements of its restructuring plan

Sanad Insurance and Reinsurance Cooperative Company announced the elements of its restructuring plan which was approved by the board of directors on September, 04, 2014, as follows:

1. Capital raise.
2. Cancelling reinsurance license.
3. Administrative restructuring including the appointment of the Chief Executive and all the vacant key positions in the company.
4. Financial restructuring including the establishment of a collection department and reducing the Company’s accumulated losses.