Riyadh - Mubasher: CHUBB Arabia Cooperative Insurance Company has reached a final settlement agreement with Al Rashed Group for a net total amount of SAR 42.01 million.

The settlement relates to an insurance claim following a fire incident at a factory located in the Third Industrial City in Dammam, which occurred on 12 July 2025.

The company confirmed that the loss resulting from the fire is sufficiently covered under existing reinsurance arrangements.

CHUBB Arabia had previously disclosed the claim on 4 August 2025 and noted that the necessary provisions for this payout were recorded during 2025.

Consequently, the insurer stated that the final settlement will have no financial impact on its current fiscal year results.

The agreement concludes the claim process for the incident, which was first reported to the market following the fire in mid-2025.

Earlier this month, the company signed a contract with Larsen & Toubro Arabia to provide engineering insurance risk coverage.