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.

https://www.tadawul.com.sa/wps/portal/tadawul/home/announcement-details

The Memorandum of Understanding, which was signed on 13th July, 2017 and announced on Tadawul (Saudi Stock Exchange Website), reflects 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 PHBL which will be:

1- Probitas Holdings (UK) Limited,

2- Probitas Corporate Capital Limited, a Lloyd’s corporate member which currently owns a large percentage of the capacity rights of Syndicate 1492, and

3- Probitas 1492 Services Limited, the services company, which has built a highly experienced underwriting, marketing, actuarial and administration team to underwrite business on behalf of Syndicate 1492.

Furthermore, the transaction will be subject to approval by both Lloyd’s and the Saudi Arabian Monetary Authority (SAMA).

Fahad Al-Hesni, MD-CEO Saudi Re, commented: “We are excited about this step which we believe will provide Saudi Re with opportunities to expand its business and investments in the global insurance and reinsurance market particularly the Lloyd’s market in the United Kingdom. This was identified as part of Saudi Re strategy to diversify its operations, and we are very pleased to join forces with the right partners at PHBL”