‎CHUBB Arabia approves new Saudi reinsurance venture

CHUBB Arabia Cooperative Insurance Co.’s board of directors initially approved the offer submitted by Chubb Investment International Limited to establish a reinsurance company in the Kingdom.

According to a statement on Tadawul, the new company will be established in partnership with Al Khereiji Investment Co., as related parties, with CHUBB Arabia holding a 10% stake in the capital of the proposed company.

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This approval is preliminary and non-binding at this stage and remains subject to the completion of all requirements and the receipt of all necessary regulatory and statutory approvals from the relevant authorities.

The company added that it will announce any material developments related to this matter in due course.

According to Argaam data, Al Khereiji Investment Co. is one of the major shareholders in CHUBB Arabia, holding around a 25% stake, equivalent to 10 million shares.

CHUBB Arabia Cooperative Insurance Co.’s board of directors initially approved the offer submitted by Chubb Investment International Limited to establish a reinsurance company in the Kingdom.

According to a statement on Tadawul, the new company will be established in partnership with Al Khereiji Investment Co., as related parties, with CHUBB Arabia holding a 10% stake in the capital of the proposed company.

This approval is preliminary and non-binding at this stage and remains subject to the completion of all requirements and the receipt of all necessary regulatory and statutory approvals from the relevant authorities.

The company added that it will announce any material developments related to this matter in due course.

According to Argaam data, Al Khereiji Investment Co. is one of the major shareholders in CHUBB Arabia, holding around a 25% stake, equivalent to 10 million shares.