The Saudi Arabian Cooperative Insurance Co.’s (SAICO) extraordinary general assembly meeting on April 5 has approved extending the five-year contract signed with ACE Insurance Agents for one year, as it has produced SAR 22.2 million worth of premiums in 2016, the company said in a statement to Tadawul on Thursday.
The extraordinary general assembly also approved the indefinite contract signed with ACE Insurance & Reinsurance Brokers Ltd., which produced a total of SAR 203.4 million worth of premiums in 2016.
The indefinite contract signed with the Saudi Arabian Insurance Co. B.S.C. was also approved and extended for another year. The total insurance deals that were covered under the contract for 2016 amounted to SAR 1.6 million.
SAICO’s chairman Prince Ahmed bin Khaled bin Abdullah Al Saud owns 10 percent in ACE Insurance & Reinsurance Brokers and also in ACE Insurance Agents, while he represented Saudi Arabian Insurance along with board member George Shahin.
The commissions have been determined according to the Saudi Arabian Monetary Authority’s (SAMA) rules and regulations, the statement added.
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