KSA - MEDGULF to provide health ins. to SEC employees
Saturday, 10 17 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) announced today, Oct. 14, that it signed a contract with Saudi Electricity Co. (SEC) to provide cooperative health insurance services to the company's employees and their approved family members, in accordance with the agreed terms and conditions.
MEDGULF added in a statement on Tadawul that the contract value is more than 5% of the company's gross written premiums (GWPs) according to the financial statements for 2019.
The one-year contract will be effective Jan. 1, 2021, it pointed out.
The contract is expected to have a positive impact on the company's profits for the year 2021, MEDGULF said, indicating that there are no related parties in the contract.