The board of directors of Alinma Tokio Marine Co. decided not to proceed with a technical agreement with Tokio Marine & Nichido Fire Insurance Co., it said in a statement to Saudi bourse, Tadawul.
The Saudi insurer attributed this decision to its improved operating efficiency and the expertise of the board members representing Tokio Marine & Nichido Fire Insurance Co.
There is no relevant financial impact resulting from cancelling the agreement, the statement added.
The agreement would have comprised providing several technical services, including share offering, re-insurance and internal auditing.
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