Announcements and Meetings / Announcements

Saudi Re for Cooperative Reinsurance Co

Saudi Re announces a significant development of signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of the shares of PHBL

Following announcement on 30-07-2017. with respect to Saudi Re announcing signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL). through which Saudi Re will purchase 49.9% of the ordinary shares of PHBL. Saudi Re is pleased to announce that Lloyd's has granted the required approvals on 26/9/2017 subject to receipt of the approvals of the Saudi Arabian Monetary Authority (SAMA) and the Bermudian Monetary Authority.


Saudi Re shall announce any significant developments in due course.

Saudi Re for Cooperative Reinsurance Co

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Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

Saudi Re for Cooperative Reinsurance Co

Saudi Re announces signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of the shares of PHBL

Following announcement on 13-07-2017. Saudi Re announces signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL). through which Saudi Re will purchase 49.9% of the ordinary shares of PHBL. PHBL is a limited liability company registered in Bermuda which invests in insurance reinsurance business and in Lloyd's market.

The agreement. which was signed on 29-07-2017. PHBL reflects the parties agreement for valuation of the deal for 49.9% of PHBL's ordinary shares at USD 25 million. as well as the ownership structure of three subsidiaries of PHBL.

Furthermore. Saudi Re wishes to clarify that the completion of this transaction is subject to the approval of the Saudi Arabian Monetary Authority and Lloyd's. and that there are no related parties.

Saudi Re will finance this deal out of its own resources.

It is worth noting that this deal provides Saudi Re with opportunities to expand its business and investments in the global insurance market particularly the Lloyd's market in the United Kingdom.

Saudi Re for Cooperative Reinsurance Co

Saudi Reinsurance Company Announces The significant development of signing off a memorandum of understanding with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of the shares of PHBL

Reference the announcement on 13th of July 2017. Saudi Re would like to announce the completion of the due diligence. and that the exclusivity agreement period has been extended to 27th of July 2017 to finalize the definitive transaction documents.

Saudi Re for Cooperative Reinsurance Co

Saudi Reinsurance Company Announces The significant development of signing off a memorandum of understanding with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of the shares of PHBL

Reference to the company's announcement on 13th of July 2017. we would like to announce that the due diligence has been substantially completed and the exclusivity agreement period has been extended to 23-07-2017 to finalise the definitive transaction documents.

Saudi Re for Cooperative Reinsurance Co

Saudi Re announces signing off a memorandum of understanding with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of the shares of PHBL

Saudi Re announces signing off a memorandum of understanding on 13-07-2017 with Probitas Holdings (Bermuda) Limited (PHBL). (The offeror company) through which Saudi Re aims to purchase 49.9% of the ordinary shares of the offeror company. PHBL is a limited liability company registered in Bermuda which invests in insurance and reinsurance business and in the Lloyds market.

To finalise the definitive transaction documents the parties have entered in to an exclusivity agreement up to 20-07-2017.

The memorandum of understanding reflects the parties agreement for initial valuation of the deal for 49.9 % at USD 25 million. as well as the ownership structure of three subsidiaries of the offeror company which will be:

1. Probitas Holdings (UK) Limited.
2. Probitas Corporate Capital Limited. a Lloyds underwriting member which currently owns 94% of the capacity rights of Syndicate 1492. and
3. Probitas 1492 Services Limited. which has built a highly experienced underwriting. marketing. actuarial and administration team to underwrite business on behalf of Syndicate 1492.

Saudi Re also has started the due diligence process to assess the financial. legal. taxation. and actuarial aspects related to the transaction.

Saudi Re will finance this deal out of its own resources.

Furthermore. Saudi Re wishes to clarify that the completion of this transaction will be subject to the approval of the Saudi Arabian Monetary Authority and Lloyds. and that there are no related parties.

Saudi Re will announce any material developments in the future on Tadawul website.

It is worth noting that this deal provides Saudi Re with opportunities to expand its business and investments in the global insurance and reinsurance market particularly the Lloyds market in the United Kingdom.

Saudi Re for Cooperative Reinsurance Co

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Saudi Re for Cooperative Reinsurance Co

The Board of directors of Saudi Re for Cooperative Reinsurance Company has recommended a reduction in the company's capital

Saudi Re for Cooperative Reinsurance Company announces that the Board of directors on his meeting on 24-05-2017 has recommended to extraordinary general assembly meeting to reduce the company's capital as following
1.Company's capital before reduction SAR 1.000.000.000 company's capital after reduction SAR 804.000.000 with a decrease by 19.6%
2.The number of shares before reduction 100.000.000 shares. The number of shares after reduction 80.400.000 shares
3.Reducing 10 shares for every 51 shares owned.
4.Reason of capital reduction: is to write-down accumulated losses and support the future growth of the company.
5.Method of capital reduction: by eliminating 19.60 million shares
6.Effect of the capital reduction on the company obligations: will not have any impact on liabilities of the company

The capital reduction is subject to company obtaining prior approvals from the related authorities and the Extraordinary General Assembly. Further. in the event the Extraordinary General Assembly approving the capital reduction; the reduction decision shall be effective for all shareholders registered with the Securities Depository Center at the end of the second day following the Extraordinary General Assembly resolution was issued. The percentage of ownership of each shareholder in the company will not change due to the reduction in the number of shares

The appointment of the financial advisor will be announced as well as the submission of the capital reduction request to the Capital Market Authority.

Saudi Re for Cooperative Reinsurance Co

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Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Company announces the interim financial results for the period ending on 31-03-2017 (Three Months)

Saudi Re for Cooperative Reinsurance Co

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Saudi Re for Cooperative Reinsurance Co

Saudi Reinsurance Company Announces Affirmation of its Credit Rating from S&P

Saudi Reinsurance Company received affirmation from S&P of its credit rating at BBB+ with a stable outlook as well as gcAA+ on GCC scale as published in the report dated 28/04/2017. In its assessment. the rating agency considered the strong financial position of the company and the improvement of its competitive position. in addition to factors relating to the enterprise risk management. governance. management and liquidity.

Saudi Re for Cooperative Reinsurance Co

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Saudi Re for Cooperative Reinsurance Co

No Translation see Arabic version

Saudi Re for Cooperative Reinsurance Co

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Saudi Re for Cooperative Reinsurance Co

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Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Company announces the annual financial results for the period ending on 31-12-2016

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Company announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

Saudi Re for Cooperative Reinsurance Co

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