Malath renews auto insurance contract with ANB

Malath Cooperative Insurance and Reinsurance Co. said in a bourse statement it renewed an insurance coverage contract with the Arab National Bank (ANB) for one year as of June 1, 2019.

Under the contract, Malath will provide insurance coverage for vehicles being sold through the bank’s leasing financial program.

Annual premiums are expected to exceed 5 percent of the company’s revenues.

Malath noted that the financial impact could not be accurately determined for the different values of monthly insurance requests received by the client. No related parties are involved in the deal.