SAMA approves UCA’s request to amend activity permit

The Saudi Arabian Monetary Authority (SAMA) approved the request of United Cooperative Assurance Co. (UCA) to amend its activity permit, limiting it to insurance activity only.

UCA’s previous activity included insurance and cooperative reinsurance services. 

The company said in a statement to Tadawul on Wednesday that the amendment will not have any negative impact on its financials, as reinsurance was not fundamental to the business over the past years.

The insurer further noted that this amendment may lead to increase its solvency margin, and hence pave the way for maximizing its return on investment.