Saudi Re announced an agreement with UK-headquartered insurance company Aviva Insurance Limited or the sale of Saudi Re’s entire 49.9% stake in Probitas Holdings (Bermuda) Limited including its subsidiaries, for a consideration of GBP 120 million subject to final closing adjustments.

Commenting on the transaction, Fahad Al-Hesni, Managing Director and CEO of Saudi Re, said “We believe the transaction will enable Saudi Re to strengthen its competitive position and reorient our financial resources towards new growth opportunities domestically and internationally.” Al-Hesni further noted that the transaction was agreed on terms very attractive to Saudi Re and creates a substantial shareholder value, generating nearly five times return on the initial investment. As Saudi Re embarks on an ambition growth journey, the proceeds will further reinforce Saudi Re's capital base and provide ample support for future expansion and diversification.

The transaction is subject to customary closing conditions, including regulatory approvals from relevant authorities and is expected to close in mid-2024.

Listed in the Saudi Market Exchange and operating under the supervision of Insurance Authority, Saudi Re operates in more than 40 countries across the Middle East, Asia, and Africa, and specializes in life and non-life treaty and facultative reinsurance solutions. The company is also assigned financial strength ratings of A3 rating by Moody's and A- from S&P.

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