Saudi Reinsurance Co. (Saudi Re) has concluded the sale of its entire stake, representing 49.9%, in Probitas Holdings (Bermuda) Limited (PHBL), including its subsidiaries for 123 million British pounds ($157.4 million).  

The stake sale to Aviva Insurance Limited, will positively impact Saudi Re's Q3 2024 financials, the insurer said in a statement on Tadawul bourse on Wednesday.

The terms of the transaction will allow Saudi Re to participate in reinsurance contracts with PHBL for the years 2024-2025.

The asset book value of the stake was 211.34 million Saudi riyal ($56.3 million) as of Q1 2024.

(Writing by Brinda Darasha; editing by Daniel Luiz)