Solidarity Saudi Takaful Co. has canceled its marketing contract with Holding Co. for Insurance agency as of Dec. 18, 2017, it said in a statement to Tadawul.
Solidarity received a letter from Holding Co. for Insurance expressing its desire to cancel the contract due to high operating costs and a decision by the agency’s founders to cancel its license.
The cancelation of the contract will have a limited impact on Solidarity’s financials, the statement said.
The insurer inked a marketing agreement last month with Holding Co. for Insurance to market and sell Solidarity’s insurance policies all over the Kingdom.
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