Saudi Re gets SAMA’s approval on capital cut

Saudi Re for Cooperative Reinsurance Co. (Saudi Re) on Wednesday received Saudi Arabian Monetary Agency’s (SAMA) approval to reduce capital to SAR 804 million from SAR 1 billion, the insurer said in a statement to Tadawul.

The approval is subject to other regulatory requirements being fulfilled, the statement said.

Also today, Saudi Re appointed Falcom Financial Services as advisor on the capital cut, the statement added.

In May, the company’s board of directors proposed a 19.6 percent capital reduction to restructure capital and offset accumulated losses, Argaam previously reported.