MedGulf signs health ins. agreement with Saudi Electricity Co.
Monday, 11 18 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) signed on Sunday an agreement with Saudi Electricity Co. (SEC) to provide cooperative health insurance services, the insurer said in a bourse statement.
Under the one-year agreement, which will be valid from Jan. 1, 2020, MedGulf will provide medical insurance services for SEC's employees and their family members.
The agreement value will be 5% higher than the company's written premiums, based on the 2018 financial statements.
The agreement is expected to have a financial impact on MedGulf's financial statements for 2020.
No related parties are involved in the deal, the insurer added.