Riyadh – Mubasher: Al Sagr Cooperative Insurance Company has signed an agreement with Elite Panorama Company for Cooperative Insurance Agency.

The deal’s value is the percentage of the premiums collected by the agent from clients under all insurance business lines, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Under the one-year deal, Elite Panorama will market and sell commercial and individual insurance documents across all the regions of Saudi Arabia between Al Sagr and costumers in all its branches.

The deal, which could be automatically renewed, is expected to have a positive impact on the company’s financials in the near term, Al Sagr said.

By the end of April, Al Sagr obtained a no-objection letter on the deal from the Saudi Arabian Monetary Authority (SAMA).