Saudi Re Completes Sale of Entire Stake in Probitas Holding for GBP 123 Million

Saudi Reinsurance Company (Saudi Re) announced on Wednesday the completion of all procedures required to conclude the sale of its entire 49.9% stake in Probitas Holdings (Bermuda) Limited (PHBL) for GBP 123 million, after final closing adjustments.

According to the company, this transaction will positively impact Saudi Re’s financial results for the third quarter of 2024 and support its growth and strengthen its financial position.

The terms of the transaction include providing Saudi Re with the opportunity to participate in reinsurance contracts with PHBL for the years 2024-2025. Additionally, the asset book value as of Q1 2024 was SAR 211,343,483.