| Introduction | Saudi Re Announces Signing a Reinsurance Contract for Surety Insurance Bonds Coinsurance Program with Walaa Cooperative Insurance Company |
| Date of Announcement of the Award | 2024-12-29 Corresponding to 1446-06-28 |
| Contract Subject Matter | Reinsurance contract on Surety Insurance Bonds Coinsurance Program. The Program is a financial guarantee solution that aims to ensure contractors meet their contractual obligations on construction projects developed for the Public Investment Fund’s (PIF) Development Companies. |
| The Entity with Which the Contract was Signed | Walaa Cooperative Insurance Company |
| Date of Signing the Contract | 2024-12-29 Corresponding to 1446-06-28 |
| Contract Value | The contract is expected to result in increasing the company’s Reinsurance Revenue by more than 5% of the total Reinsurance Revenue (based on 2023 financial year results). |
| Contract Details | Reinsurance contract on Surety Insurance Bonds Coinsurance Program. The Program is a financial guarantee solution that aims to ensure contractors meet their contractual obligations on construction projects developed for the Public Investment Fund’s (PIF) Development Companies. |
| Contract Duration | 12 Gregorian months starting from 01/07/1446H (corresponding to 01/01/2025G). |
| Financial Impact and the Relevant Period | The contract is expected to have an impact on the company’s financial results during the financial year 2025 |
| Related Parties | There are no related parties involved |
Northern Ring Rd, Al Wadi, Riyadh 13313, Saudi Arabia.
+966 11 510 2000
+966 11 510 2111
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