Saudi Reinsurance Co. has signed reinsurance contracts with Probitas Corporate Capital Ltd, the ultimate holding company of the Probitas Group, with a duration of one year from January 1st, 2024.
The estimated gross written premium (GWP) value is SAR 135.03 million, or USD 36 million.
Saudi Re expects that these reinsurance contracts will positively impact GWP and the relevant financial impact will appear in the firm’s 2024 financial statements.
As announced previously, UK-domiciled insurer Aviva Plc will acquire 100% of Probitas Holdings (Bermuda) Limited, including Saudi Re’s 49.9% stake in the company for £120 million.
Saudi Re states that these contracts were concluded within the usual course of business with no preferential privileges.
However, the company does note that there is an indirect interest for the Chairman of the Board of Directors, Abdulatif Ali Al-Fozan, MD/CEO Fahad Abdulrahman Al-Hesni, given their membership in the Board of Probitas Holding (Bermuda) Ltd., the parent company of Probitas Corporate Capital Ltd. Also, there is an indirect interest for the CFO Nilmin Pieries for his membership in the Board of Probitas Corporate Capital Ltd.
