Saudi Re buys 50pc stake in Bermuda investment group
RIYADH, September 27, 2017
Saudi Reinsurance Company (Saudi Re) said it has reached an agreement with Probitas Holdings (Bermuda) Limited, a key investor in insurance and reinsurance business, to purchase a 49.9 per cent stake in the company.
This move from the Saudi insurer comes following its announcement in July about the signing of a shareholder agreement with the Bermuda-based PHBL.
As per the MoU, the parties have agreed for initial valuation of the deal for 49.9 per cent at $25 million.
The ownership structure of three subsidiaries of the offeror company will be:
*Probitas Holdings (UK) Limited,
*Probitas Corporate Capital Limited, a Lloyds underwriting member which currently owns 94 per cent of the capacity rights of Syndicate 1492, and
*Probitas 1492 Services Limited, which has built a highly experienced underwriting, marketing, actuarial and administration team to underwrite business on behalf of Syndicate 1492.
Lloyd's has given approval to the deal subject to receipt of the approvals of Saudi Arabian Monetary Authority (SAMA) and the Bermudian Monetary Authority, said the statement from Saudi Re.-TradeArabia News Service
