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Saudi Re Announces Signing a Reinsurance Contract with Al Etihad Cooperative Insurance Company to insure against the Employer’s Default
8200
SAUDI RE
-1.53
%
1446/04/04 07/10/2024 08:04:10
| Element List | Explanation |
|---|---|
| Introduction | Saudi Re announces signing a reinsurance contract with Al Etihad Cooperative Insurance Company to insure against the Employer’s Default |
| Date of Announcement of the Award | 2024-10-06 Corresponding to 1446-04-03 |
| Contract Subject Matter | Reinsurance contract to provide insurance coverage for the financial dues of non-Saudi workers in the event of delinquency by entities of the private sector, in accordance with the agreed terms and conditions. |
| The Entity with Which the Contract was Signed | Al Etihad Cooperative Insurance Company |
| Date of Signing the Contract | 2024-10-06 Corresponding to 1446-04-03 |
| Contract Value | 208,730,808 Saudi Riyals |
| Contract Details | The policy represents the cooperation between the Ministry of Human Resources and Social Development and the Insurance Authority to protect the financial rights of non-Saudi workers in delinquent entities according to the classification of the Ministry of Human Resources and Social Development. The insurance cover includes wages, unpaid dues and a return ticket to the worker's home country within the agreed upon cover limits, and in accordance with an agreed set of terms and conditions. |
| Contract Duration | 12 Months Gregorian |
| Financial Impact and the Relevant Period | The contract is expected to have an impact on the company's financial results starting from the fourth quarter of 2024 |
| Related Parties | There are no related parties involved |
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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