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Saudi Reinsurance Co. (Saudi Re) has concluded the sale of its entire stake, representing 49.9%, in Probitas Holdings (Bermuda) Limited (PHBL), including its subsidiaries for 123 million British pounds ($157.4 million).
The stake sale to Aviva Insurance Limited, will positively impact Saudi Re's Q3 2024 financials, the insurer said in a statement on Tadawul bourse on Wednesday.
The terms of the transaction will allow Saudi Re to participate in reinsurance contracts with PHBL for the years 2024-2025.
The asset book value of the stake was 211.34 million Saudi riyal ($56.3 million) as of Q1 2024.
(Writing by Brinda Darasha; editing by Daniel Luiz)
