Arabian Shield Cooperative Insurance Co has announced that it had reached a final agreement for SAR25m ($66.7m) as full and final compensation for all damages and losses arising from a 2022 fire incident.
In a filing on the Saudi Exchange (Tadawul), Arabian Shield said that the agreement was reached with Arabian Centres Co relating to an insurance claim linked to the fire at Dhahran Mall in the Eastern Province, which broke out on 13 May 2022.
Arabian Shield said the settlement would have no material financial impact on it. The insurer also said that its strong and long-standing relationships with a select group of leading international and local reinsurers played a key role in reaching the final settlement.