Logo of United Cooperative Assurance Co. (UCA)
United Cooperative Assurance Co. (UCA) signed today, Jan. 2, a contract with Saudi BinLadin Group (SBG) to extend its engineering insurance coverage policy for three months starting Jan. 1.
The contract’s value exceeds 5% of UCA’s 2022 gross insurance premiums and is expected to positively impact its 2024 financial results, the company said in a statement on Tadawul.
It entails extending SBG’s contractors’ all risks (CAR) insurance coverage for the Two Holy Mosques expansion project in Makkah.
The agreement is within the normal course of doing business and grants no preferential benefits. The deal included no related parties, the statement added.
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