Saudi Reinsurance Company (Saudi Re) has completed the sale of its entire 49.90% equity stake in UK-based Probitas Holdings (Bermuda) Limited (PHBL) for GBP 123 million, finalizing the deal on 9 July 2024. The exit is expected to positively impact Saudi Re’s Q3 2024 results and bolster its growth and financial standing. Saudi Re will still have opportunities to participate in reinsurance contracts with Probitas through 2025. Aviva plc, a British multinational insurance company, announced on 10 July the completion of its acquisition of Probitas for GBP 249 million. This acquisition includes Probitas’s fully-integrated Lloyd’s platform, including Corporate Member, Managing Agent, international distribution entities, and Syndicate 1492 tenancy rights. Aviva had initially announced the acquisition at GBP 242 million on 4 March 2024. Additionally, Saudi Re reported net profits of SAR 31.79 million in Q1-24 and recently entered a binding subscription agreement with the Public Investment Fund to increase its capital to SAR 1.15 billion.

Insurance, Financial Services,Saudi Arabia, United Kingdom