Saudi Re announces an agreement with UK-headquartered insurance company Aviva Insurance Limited or the sale of Saudi Re’s entire 49.9% stake in Probitas Holdings (Bermuda) Limited including its subsidiaries, for a consideration of GBP 120 million subject to final closing adjustments.
Commenting on the transaction, Fahad Al-Hesni, Managing Director and CEO of Saudi Re, said “We believe the transaction will enable Saudi Re to strengthen its competitive position and reorient our financial resources towards new growth opportunities domestically and internationally.” Al-Hesni further noted that the transaction was agreed on terms very attractive to Saudi Re and creates a substantial shareholder value, generating nearly five times return on the initial investment. As Saudi Re embarks on an ambition growth journey, the proceeds will further reinforce Saudi Re's capital base and provide ample support for future expansion and diversification.
The transaction is subject to customary closing conditions, including regulatory approvals from relevant authorities and is expected to close in mid-2024.
Tadawul Announcement