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BRIEF-Saudi Re for Cooperative Reinsurance signs MOU with Probitas
July 13, 2017 / 4:18 PM / 5 months ago

BRIEF-Saudi Re for Cooperative Reinsurance signs MOU with Probitas

July 13 (Reuters) - Saudi Re For Cooperative Reinsurance Co SJSC:

* Announces signing off a memorandum of understanding with Probitas Holdings‍​

* To purchase 49.9 percent of Probitas, a limited liability company registered in Bermuda which invests in insurance, reinsurance business and in the Lloyds market

* MOU reflects the parties agreement for initial valuation of the deal for 49.9 percent at $25 million

* Will finance deal out of its own resources

* Completion of transaction will be subject to the approval of the Saudi Arabian Monetary Authority and Lloyds Source text ID: (bit.ly/2t7Hz3S) Further company coverage:

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