Local ins. provider Saudi Re has wrapped up the sale of its entire 49.9% stake in Probitas Holdings (Bermuda), it said in a disclosure to Tadawul. The sale, which amounts to GBP 123 mn (c. SAR 592.5 mn), has allowed London-based Aviva Ins. to attain full ownership of Probitas Holdings for GBP 249 mn. The sale is 5x Saudi Re’s initial GBP 20 mn investment into the company back in 2017. Saudi Re is the Kingdom’s first reins. company.

Use of proceeds: The sale, which Saudi Re said will reflect positively on the company’s financial results for 3Q 2024, aims to ramp up liquidity and help Saudi Re boost its presence in the local and global markets.

The perks: The agreement gives Saudi Re the chance to offer reins. coverage to Probitas Holdings over the course of this year and the next, according to the disclosure.

Background: Saudi Re and Aviva Ins. inked a purchase agreement back in March to have the London-based insurer acquire all of Saudi Re’s holdings in Bermuda for a consideration of GBP 120 mn in a sale that was penciled in to close in mid-2024.

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