MetLife AIG ANB Cooperative Insurance Co. has renewed the marine cargo open cover policy for Arab National Bank (ANB), the insurer said in a statement Wednesday.

 

The insurance contract value is based on the value of shipments, to be known at the time of coverage. The total value of the contract in the previous policy was SAR 1.12 million.

 

The one-year contract— which starts today— will be renewed upon mutual agreement, with financial impact appearing on the insurer’s 2017 and 2018 results.

 

MetLife said no preferential treatment was given on issuing these policies to ANB, which is a related party. It explained that its board members Robert Eid and Nizar Al Tuwaijri have direct interest in the policy as they also serve on the bank’s board.

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