Riyadh – Saudi Re for Cooperative Reinsurance Company has signed an exclusive agreement with Malath Cooperative Insurance Company to provide reinsurance coverage on the Inherent Defects Coinsurance Programme managed by Malath on behalf of the Saudi insurance sector.
The contract’s value is expected to exceed 5% of Saudi Re’s gross written premiums (GWPs), with potential to increase based on the programme execution phase and expansion of the geographical scope, according to a bourse statement on Sunday.
The contract term is extended over one year that can be renewed for an additional four years.
Moreover, the deal is likely to have a positive impact on Saudi Re’s sales and financial results gradually starting from the fourth quarter (Q4) of 2020.
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