Riyadh – Mubasher: United Cooperative Assurance Company obtained the Saudi Central Bank’s (SAMA) approval to renew its business licence for a three-year term.

The company will be able to practice general and health insurance and reinsurance activity starting August 2021 until June 2024, according to a bourse disclosure on Thursday.

It is worth noting that the company recently announced its plan to use the entire statutory reserves of SAR 31,944 to offset part of the accumulated losses.