Arab National Bank has renewed its marine cargo open cover policy with MetLife AIG ANB Cooperative Insurance Company for one year, effective March 8, both companies said in bourse statements on Wednesday.
The value of the contract will be based on the value of shipments at the time of coverage.
The total value of the contract in the previous policy was SAR 950,636.
Financial impact of the policy, which will be renewed on mutual agreement, will appear on FY 2018-2019, Metlife AIG ANB said.
No preferential treatment was given when renewing the deal, even though Robert Eid and Nizar Al Twaijri – who serve as ANB representatives on Metlife AIG’s board – have direct interest in the policy.
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