Riyadh – Mubasher: Malath Cooperative Insurance Company won a contract from Al Othaim Holding Company on 3 January 2023, according to a bourse filing.
Under the one-year agreement, Malath Cooperative will offer health insurance services for the employees of Al Othaim Holding and its subsidiaries, in addition to the staff’s families.
The revenues of the contract are forecast to exceed 5% of the Tadawul-listed company’s annual gross written premium in 2021.
Malath Cooperative expected that the insurance deal will reflect positively on its 2023 income statements.
It is worth noting that Al Othaim Holding is the sister firm of Abdullah Al Othaim Markets Company.
Last November, Malath Cooperative appointed Mohammed Ali Alammari and Bader Ali Alali as the board’s Chairman and Vice Chairman, respectively, for the next three years.
