SABB Takaful renews 3 policies with SABB worth SAR 64.4 mln

SABB Takaful Co. has renewed three policies with Saudi British Bank (SABB) -- the property all-risk insurance policy, group creditor policy and group credit card policy -- after obtaining the renewal confirmation from SABB, for a total subscription of SAR 64.4 million.

In a bourse statement, the insurer said the contribution for the renewal of group credit card policy amounted to SAR 3 million, contribution for group creditor policy amounted to SAR 58.3 million, while the value of the renewal of property all risk insurance policy amounted to SAR 3.1 million.

The statement added that the board members Mohammed Al-Shayea, Sami Al-Muhaid, Yasir Al-Barrak, Bashar Al-Qunaibet and Ian Moore have direct interest in the policy as they are representatives of SABB in the board of directors of the company.

The statement added that no preferential treatment was given on this policy and it is within the usual business activity of the company.