MedGulf doubles its share capital
The Saudi Arabian Monetary Authority (SAMA) has approved the capital increase proposed by Mediterranean and Gulf Insurance & Reinsurance (MedGulf) from 400 million SAR (106.7 million USD) to 800 million SAR (213.4 million USD).
The company intends by this way to improve its level of solvency and comply with regulatory requirements, an initiative that enabled it to resume its underwritings after having suffered a temporary business interruption ordered by SAMA.
As a reminder, MedGulf recorded, at the end of December 2017, a net loss of 388 million SAR (103.52 million USD).
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