Saudi's Wataniya Insurance board recommends $53.3m capital increase
Published 17 Sep,2021 via Arab News - Economy RIYADH - Wataniya Insurance Company’s board of directors recommended on Thursday to increase the company’s capital through a SR200 million ($53.3 million) rights issue, according to a bourse filing.
The company plans to use the proceeds to support its future plans and increase its solvency margin, Wataniya said in a statement on Saudi Stock Exchange (Tadawul). An insurer’s solvency margin is the difference between its assets and insurance liabilities and is designed to prepare it for unforeseen claims.
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