{"id":87755,"date":"2024-07-11T00:00:00","date_gmt":"2024-07-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/11\/saudi-re-completes-exit-from-probitas-holdings\/"},"modified":"2024-07-11T00:00:00","modified_gmt":"2024-07-11T00:00:00","slug":"saudi-re-completes-exit-from-probitas-holdings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/11\/saudi-re-completes-exit-from-probitas-holdings\/","title":{"rendered":"Saudi Re completes exit from Probitas Holdings"},"content":{"rendered":"

Local ins. provider Saudi Re has wrapped up the <\/strong>sale of its entire 49.9% stake<\/a><\/strong> in Probitas <\/strong>Holdings (Bermuda)<\/strong>, it said in a disclosure to Tadawul<\/a>. The sale, which amounts to GBP 123 mn (c. SAR 592.5 mn), has allowed London-based Aviva Ins. to attain full ownership<\/a> of Probitas Holdings for GBP 249 mn. The sale is 5x Saudi Re\u2019s initial GBP 20 mn investment into the company back in 2017<\/a>. Saudi Re is the Kingdom\u2019s first reins. company.<\/p>\n

Use of proceeds: <\/strong>The sale, which Saudi Re said will reflect positively on the company\u2019s financial results for 3Q 2024, aims to ramp up liquidity and help Saudi Re boost its presence in the local and global markets.<\/p>\n

The perks: <\/strong>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. <\/p>\n

Background: <\/strong>Saudi Re and Aviva Ins. inked a purchase agreement<\/a> back in March to have the London-based insurer acquire all of Saudi Re\u2019s holdings in Bermuda for a consideration of GBP 120 mn in a sale that was penciled in to close in mid-2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

The sale will reflect positively on Saudi Re\u2019s 3Q 2024 results<\/p>\n","protected":false},"author":1,"featured_media":87756,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[2342,10,2720,14,2875,2870],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-aviva-ins","tag-enterpriseam-ksa","tag-ma","tag-ma-watch","tag-probitas-holdings","tag-saudi-re","wpautop","entry"],"acf":{"mongo_id":"6a8741f5-f405-4c98-ac0e-4e549f63354c","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1763.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Re closes sale of full stake in Probitas Holdings to UK\u2019s Aviva Ins.","related_issue":[87746],"teaser":"The sale will reflect positively on Saudi Re\u2019s 3Q 2024 results","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.e0151a57-baa1-493b-b342-422f5375aee0.mp3"},"yoast_head":"\nSaudi Re completes exit from Probitas Holdings - 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