Riyadh – Mubasher: Gulf Union Cooperative Insurance has signed a contract with Theatle Insurance Agent to provide all the insurance services between the company and its customers in return for part of the premiums collected by the agent.

The contract has a one-year duration period which ends on 3 December, 2017, and will be automatically renewed unless one of the two parties refuses to extend the deal, the company said in a bourse statement issued on Wednesday.

Gulf Union expects a positive financial impact from this contract in the near future, it added. 

On 15 December, this insurance agreement was approved by the Saudi Arabian Monetary Authority (SAMA).