Saudi Re signs reinsurance contracts with Probitas Corporate Capital with SAR 194.4 mln GWP

30/11/2022 Argaam

Logo of Saudi Reinsurance Company (Saudi Re)

Saudi Reinsurance Co. (Saudi Re) signed today, Nov. 30, reinsurance contracts with Probitas Corporate Capital Ltd., with estimated gross written premiums (GWP) of SAR 194.40 million, the company said in a statement to Tadawul.

The company indicated that the contracts will be valid for one Gregorian year, starting from Jan. 1, 2023. They will have a positive impact on increasing GWP, with their direct impact reflecting on financial results as of FY 2023.

There is an indirect interest from Chairman Hisham Al-Shaikh, Managing Director and CEO Fahad Al-Hesni and Board Member Jean-Luc Gourgeon for their board membership in Probitas Holding (Bermuda) Ltd., the parent company of Probitas Corporate Capital.

Also, there is an indirect interest from Board Member Jean-Luc Gourgeon and CFO Nilmin Pieries for their membership in Probitas Corporate Capital’s board, the company added.

Saudi Re also confirmed that no preferential treatment was given on these contracts. They are within the usual course of its business activity.

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