Wafa Insurance gets regulatory nod for capital cut

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) received the greenlight from the Saudi Arabian Monetary Authority (SAMA), the kingdom’s central bank, on its proposal to reduce capital by SAR 83 million.

The insurer said it would meet all regulatory procedures required for the capital cut.

Wafa’s board of directors has recommended a 40.5 percent capital reduction to SAR 122 million to offset accumulated losses, Argaam earlier reported.

Saudi Kuwaiti Finance House has been hired as a financial advisor for the process.