| Date of announcement of the assignment |
2018-10-18 Corresponding to 1440-02-09 |
| Subject of contract |
Insurance coverage for the Auto leasing program of the Bank |
| Date of contract sign off |
2018-10-18 Corresponding to 1440-02-09 |
| Contract Value |
45 Million Saudi Riyals |
| Contract Details |
Al Alamiya for Cooperative Insurance Company announces the renewal of an insurance agreement with Riyad Bank (a related party) on 09/02/1440H corresponding to 18/10/2018G to provide insurance coverage for the Auto leasing program of the Bank for a period of one year starting from 23/02/1440H corresponding to 01/11/2018G on market terms. |
| Contract Duration |
One year |
| The financial impact and period that this project will affect |
The company expects for this agreement have a positive financial impact on its sales as it will generate approximately 45 Million Saudi Riyals in total gross written premium during its term. |
| Related Parties |
Board members Mr. Khalid Mohammed Hariry and Mr. Tariq Abdullah Alghaziri have a direct interest in the agreement as they are representatives of Riyad Bank in the Company Board. |
| Additional Information |
The company confirms that this policy has been issued within the usual course of company business and no preferential treatment was given. |
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