Saudi Arabia: Liquidation of Sanad Cooperative Insurance
After the loss of more than 50% of its capital, Sanad Cooperative Insurance has asked the authorities to trigger the voluntary liquidation. This decision shall be submitted to the vote of the members of the extraordinary general meeting.
By the end of 2015, the company accumulated losses of 44.3 million USD, that are nearly 83% of its capital. At the end of 2016, the insurer reported a pre-tax loss of 8.3 million SAR (2.2 million USD).
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