ACE Arabia Cooperative Insurance Company received on Monday 24/11/2014 notification of a fire accident that occurred during the night hours of Sunday 23/11/2014 at one of the warehouses of Al Abdullatif Industrial Investment Co. located in Riyadh.
ACE Arabia assigned loss assessors licensed by Saudi Arabian Monetary Agency to assess the damage caused by the fire.
The property affected is fully insured and reinsurance arrangements are in place with reputed national and international reinsurance securities.
The estimated financial impact on ACE’s financial results arising out of this fire accident will be about SAR 6 million and will appear in the financial results for the fourth quarter of the current year.
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