Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Co on Sunday announced that it has signed a shareholder agreement with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of its shares.
The agreement, signed on 29 July, includes the parties’ approval of the deal value of $25 million, which was used to acquire 49.9% of PHBL’s shares, in addition to the ownership structure of three of PHBL’s subsidiaries, Saudi Re said in a filing to the Saudi Stock Exchange (Tadawul).
Saudi Re pointed out that the completion of this transaction hinges on the approval of the Saudi Arabian Monetary Authority (SAMA), as well as Lloyd's of London, and that there are no related parties.
“Saudi Re will finance this deal out of its own resources,” the statement added.
Registered in Bermuda, PHBL is a limited liability company which invests in the insurance and reinsurance segment and in Lloyd’s market in the UK.
This deal gives Saudi Re opportunities for expanding its business and investing in the global insurance markets, particularly the Lloyd’s market in the UK, the company added.
