Malath to provide auto insurance for ANB

24/05/2018 Argaam

 

Malath Cooperative Insurance and Reinsurance Co. received the Arab National Bank’s (ANB) approval on providing insurance coverage for vehicles being sold through the bank’s leasing financial program, the firm announced Wednesday.

 

The coverage starts from June 1, 2018, effective for a one-year period. Annual premiums are expected to exceed 5 percent of the company’s revenues.

 

The financial impact of the deal will be reflected on the company’s results starting from the second quarter of the year, the bourse statement added.

 

Malath noted that the financial impact could not be accurately determined for the different values of monthly insurance requests received by the client. No related parties are involved in the deal.

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