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Bupa Arabia for Cooperative Insurance announces signing a reinsurance agreement with Bupa Insurance Limited (Related Party)
Bupa Arabia for Cooperative Insurance announces signing a reinsurance agreement on Tuesday 28/2/1435 H corresponding to 31/12/2013 with Bupa Insurance Limited (Related Party) to reinsure part of the written premium related to its customers outside the Kingdom and their dependents. Bupa Insurance limited is a subsidiary of the Bupa Group who is represented on the Board by Mr. Ignacio Peralta Gracia and Ms. Elizabeth Alison Platt and Mr. James Gordon Wheaton The ceded premium is estimated at SR 70 million which represents around 3% of the 2012 annual written premium. the agreement is expected to have an impact during H1 2014. Bupa Arabia will seek the shareholders approval during the coming general assembly meeting.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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