Riyadh – Mubasher: Mediterranean and Gulf Cooperative Insurance and Reinsurance (Medgulf) turned to losses in the first quarter of 2017.

Net losses reached SAR 92.97 million in Q1-17 versus profits of SAR 13.76 million in the year-ago period, according to a bourse filing on Thursday.

The company attributed recording losses to an increase in provision for doubtful debts and the decrease in net underwriting results by 67.8% due to the decline in business.