Riyadh – Mubasher: The board of Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) has decided to utilize part of the company’s reserves to offset accumulated losses.

The company will use SAR 120 million, out of its SAR 146.135 million statutory reserves, to reduce accumulated losses to SAR 133.03 million, representing 16.63% of its capital.

Accumlated losses currently stands at SAR 253.3 million, representing 31.63% of its capital.