Saudi Reinsurance Co. (Saudi Re) has announced the completion of all procedures required to conclude the sale of its entire 49.9% stake in Probitas Holdings (Bermuda) Limited (PHBL) to Aviva Insurance.
The sale was completed for GBP 123 million (SAR 590 million), post-final closing adjustments, as per the company’s statement to Tadawul.
The transaction costs encompass administrative, legal, and consultancy expenses. The asset book value as of Q1 2024 stood at SAR 211.34 million. The terms of the agreement also allow Saudi Re to partake in reinsurance contracts with PHBL for 2024-2025.
This deal is expected to positively impact Saudi Re’s Q3 2024 financials, bolstering its growth and financial standing.
In March, Saudi Re signed an agreement to sell its 49.9% stake in PHBL to Aviva Insurance Limited for GBP 120 million (SAR 570 million), according to data from Argaam.
