Saudi Re to Sell Entire Stake in Probitas Holdings (Bermuda) for £120 Million Sterling

Saudi Reinsurance Company (Saudi Re) announced the signing of an agreement to sell its entire 49.9% stake in Probitas Holdings (Bermuda) Limited (PHBL), along with its subsidiaries, for a consideration of GBP 120,000,000. The transaction will be settled in cash, subject to final closing adjustments.

The deal is contingent upon customary conditions, including regulatory approvals, with completion expected by mid-year.

Saudi Re cited the desire to fortify its financial position and redirect assets towards growth opportunities in domestic and international markets as the rationale behind the transaction. According to a statement on “Tadawul,” the Asset Book Value stood at SAR 201,164,310 as of Q3 2023, with the transaction anticipated to positively impact the company’s financials in 2024.

Notably, Probitas Holdings (Bermuda) Ltd. is headquartered in Bermuda and specializes in insurance and reinsurance services. It owns several subsidiaries, including Probitas Corporate Capital Limited, Probitas 1492 Services Limited, Probitas Holdings (UK) Limited, Probitas Managing Agency Limited, Probitas 1492 Services Mexico S.A de C.V, Probitas 1492 (Europe) SRL/BV, and Probitas 1492 (Pacific) Pty Ltd.

The parties involved in the transaction are Saudi Reinsurance (“Saudi Re”) as the seller and Aviva Insurance Limited as the buyer.