Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Co. on Sunday announced that it has completed its 49.9% acquisition in Probitas Holdings (Bermuda) Limited (PHBL).
Earlier this month, Saudi Re had received an approval from the Saudi Arabian Monetary Authority (SAMA) to acquire a 49.9% stake of ordinary shares in Bermuda-based PHBL.
PHBL primarily invests in the insurance and reinsurance businesses, and in the Lloyds market.
SAMA’s approval followed another approval by London-based Lloyd's to purchase 49.9% of PHBL’s ordinary shares.
Also in October, Saudi Re received an approval from the Saudi Capital Market Authority (CMA) to reduce its capital by SAR 196 million to SAR 804 million.
Saudi Re’s stock last closed Thursday down 0.72% to SAR 6.94.
