Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Company on Tuesday signed reinsurance contracts with Probitas Corporate Capital Ltd for one year effective from 1 January 2021.
Total gross written premiums (GWP) from the contracts are estimated at SAR 177 million, according to a bourse filing.
The deals are likely to reflect positively on Saudi Re’s financial statements starting from the fiscal year 2021.
Board chairman, Hesham Abdulmalik Al-Shaikh, MD/CEO, Fahad Abdulrahman Al-Hesni, and board member, Jean-Luc Gourgeon, have an indirect interest in the contracts as they are members in the board of Probitas Holdings (Bermuda), a 49%-owned subsidiary of Saudi Re and the parent company of Probitas Corporate Capital.
Moreover, Gourgeon and CFO, Nilmin Pieries, have an indirect interest in the deals for their membership in the board of Probitas Corporate Capital.