UCA signs agreement with SBG to extend engineering insurance coverage

28/09/2023 Argaam
Logo ofUnited Cooperative Assurance Co. (UCA)

Logo of United Cooperative Assurance Co. (UCA)

United Cooperative Assurance Co. (UCA) signed, on Sept. 27, an agreement with Saudi BinLadin Group (SBG) to extend engineering insurance coverage.

 

The agreement value is 5% above the company’s gross written premiums based on the audited financial statements for 2022, UCA said in a statement to Tadawul.

 

Contractors’ all risks insurance coverage was also extended for the expansion of Makkah Grand Mosque project for three months starting Oct. 1.

 

UCA expected the agreement to have a positive financial impact on the 2023 results, noting that there are no related parties to the deal.

 

No preferential treatment was granted to the company, UCA added.

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