Gulf Union Cooperative Insurance Company (Gulf Union) signed on Jan. 28 a memorandum of understanding (MoU) with First Insurance Services Co. to work as its insurance agent, the insurer said in a statement to Tadawul.
Under the one-year agreement, First Insurance will sell Gulf Union’s insurance services at all its branches in return of a commission.
The percentage of the commission was not disclosed.
The MoU is renewable for another year unless one of the parties declares their wish to end it before its expiration date by at least 60 days, it said.
The Saudi Arabian Monetary Authority already approved the deal on Jan. 23.
The agreement is expected to have a positive impact in Gulf Union’s financial results in the near future, it said.
The deal has no related parties, the statement added.
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