Gulf General Cooperative Insurance Co. said it will not renew a medical insurance policy with Al-Juffali Companies Group, the Saudi insurer said in a statement on Tadawul Thursday.
The policy which will expire April 30, 2016, is estimated at SAR 41 million, and represents 11 percent of the company’s overall gross written premium for 2015.
The non-renewal of the polity will likely have a negative impact on the insurer’s financials for 2016, it said.
Gulf General didn’t give a reason for the decision not to renew.
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