Saudi Al Alamiya, Panda Retail ink insurance services provision deal

Al Alamiya will provide Panda Retail with general insurance services for a year as of October 01, 2019

  
Image used for illustrative purpose. Gulf businessmen in kaffiyehs having conversation.

Image used for illustrative purpose. Gulf businessmen in kaffiyehs having conversation.

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Riyadh – Al Alamiya for Cooperative Insurance Company, listed on the Saudi Stock Exchange (Tadawul), announced it has signed an agreement with Panda Retail Company.

Under the agreement, Al Alamiya will provide Panda Retail with general insurance services for a year as of 1 October 2019, Alamiya said in a bourse filing on Tuesday.

“The contract revenues are expected to be greater than 5% of the 2018 annual gross written premium of Al Alamiya,” according to the filing.

The agreement is projected to have a positive financial impact on Al Alamiya’s results for the years 2019 and 2020, the company added.

Source: Mubasher

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