The Mediterranean Gulf Insurance and Reinsurance Co. (MedGulf) renewed on Jun. 28 an agreement with Saudi Binladin Group (SBG) to provide health insurance services for SBG employees and their families, the insurer said in a statement to Tadawul on Thursday.

 

The agreement, valued at SAR 269.6 million, will be valid for one year, starting July 1, 2018.

 

The insurer expects the deal to contribute over 5 percent to its gross written premiums (GWPs) for fiscal year 2017. The contract is likely to reflect positively on MedGulf's financial statements in Q3 2018, the statement added.

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