Saudi Reinsurance Co. (Saudi Re) announced the successful sale of its entire 49.9% stake in Probitas Holdings (Bermuda) Limited (PHBL) to Aviva Insurance Limited. The transaction, valued at 123 million British pounds ($157.4 million), is expected to positively impact Saudi Re’s Q3 2024 financials. Saudi Re will maintain a business relationship with PHBL, participating in reinsurance contracts for the 2024-2025 period. The book value of the stake was reported as 211.34 million Saudi riyal ($56.3 million) as of Q1 2024.

Insurance, Financial Services,Saudi Arabia, Bermuda, United Kingdom

https://www.zawya.com/en/markets/equities/saudi-re-concludes-sale-of-stake-in-probitas-for-157mln-vdg5uur9