Chubb Arabia gets CMA nod on capital hike

Saudi Arabia’s Capital Market Authority (CMA) has approved Chubb Arabia Cooperative Insurance Co.’s request to increase capital from SAR 100 million to SAR 200 million, through issuing a bonus share for every existing one, the Saudi insurer said in a bourse statement.

Consequently, the number of shares will be increased by 10 million to 20 million.

The capital increase will be financed from retained earnings (SAR 80 million) and statutory reserve (SAR 20 million), Chubb Arabia said.

It will be used to boost the capital base, as well as to fund expansions, the insurer said in April.