Walaa signs SAR 19 mln general insurance policy with stc

16/12/2021 Argaam

Logo of Walaa Insurance

Walaa Cooperative Insurance Co. signed, on Dec. 15, an insurance policy with stc at a total value of SAR 19 million to provide general insurance coverage.

 

Walaa received on stc confirmation to issue the policy of insurance coverage on the secondary public offering of securities insurance for six years starting from Dec. 15, 2021, the insurer said in a statement to Tadawul.

 

The financial impact of the policy is likely to appear on Walaa’s 2021 financial results.

 

No preferential treatment was given to this deal, which comes as part of the company’s normal business.

 

Jameel Al Molhem is a related party in the policy, being a board member at stc and Walaa, the statement concluded.

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