The Board of Directors of Al Alamiya for Cooperative Insurance Company is pleased to invite its valued shareholders to attend the Ordinary General Assembly meeting (First meeting)
5. Vote on the transactions and contracts and renew it for further year with Seder Group which consist of property insurance contracts as per the company approved insurance policies and as per market terms and authorizing them for the next year. The Board member Dr.
Mohammed Al Blehed is a related party as the Chief Executive Officer of Seder Group. The value of this transaction in 2017 amounts to SR 151,963.
6. Vote on the transactions and contracts with the Managing Director and Chief Executive Officer Mr. Khalid Allagany and renew it for further year which consist of motor insurance contracts for his vehicles as per the company approved insurance policies and as per market terms in addition to the discounts provided to the company employees as per company’s policy and authorize them for the next year. The value of this transaction in 2017 amounts to SR 13,873.
7. Vote on the transactions and contracts with the Board Member Mr. Ossama Bukhari and renew it for further year which consist of motor insurance contracts for his vehicles as per the company approved insurance policies and as per market terms and authorize them for the next year. The value of this transaction in 2017 amounts to SR 19,297.
8. Vote on the transactions and contracts with Riyad Bank and authorize them for the next year. The Board Members Mr. Ossama Boukhari and Mr. Khalid Hariry have an indirect interest as they are representatives of Riyad Bank at the Board of the Company. These transactions are as follows: Motor insurance contracts on the motor leasing scheme of the bank as per the company approved insurance policies and as per market terms. The total value of this transaction during 2017G amounts to SR 16,774,718.
9. Vote on the transactions and contracts with Riyad Bank and authorize them for the next year. The Board Members Mr. Ossama Boukhari and Mr. Khalid Hariry have an indirect interest as they are representatives of Riyad Bank at the Board of the Company. These transactions are as follows: General Accident (Bankers Blanket Bank) Insurance contract as per the company approved insurance policies and as per market terms. The total value of this transaction during 2017G amounts to SR 3,227,680.
10. Vote on the transactions and contracts with Riyad Company for Insurance Agency
owned by Riyad bank and renew it for a further year which consist of insurance contracts issued to the customers of Riyad Company for Insurance Agency as per the agency contract signed on 29/03/2013Gas per the company approved insurance policies and as per market terms and authorize them for the next year. The Board Member Mr. Ossama Boukhari has an indirect
interest as a representative of Riyad Bank on the Board of the company. The Board Member Mr. Khalid Hariry has an indirect interest as the representative of Riyad Bank on the Board of the company and Member of the Administration Committee of the Agency. The total Gross Written Premium value of these transactions during 2017G amounts to SR 20,481,871 and a total commission of SR 2,889,813 has been earned by the Agency.
11. Vote on the transactions and contracts and renew it for further year with RSA Insurance Group plc. The Board Members Mr. Lloyd East, Mr. Mathew Hottson, Mr. Christopher Dooley and Mr. Khalid Allagany have an indirect interest as they are representatives of Royal and Sun Alliance Insurance (Middle East) BSC (c) Bahrain (a subsidiary RSA Insurance Group plc) at the Board of the Company, as per market terms and authorize them for the next year. These transactions are as follows: Reinsurance arrangements through re-insurance treaties. The total value of these transactions during 2017G amounts to SR 24,741,414 which represent
reinsurance premium further to which the company has registered a reinsurance commission income amounting to SR 13,389,420 during the same period.
12. Vote on the transactions and contracts and renew it for further year with RSA Insurance Group plc. The Board Members Mr. Lloyd East, Mr. Mathew Hottson, Mr. Christopher Dooley and Mr. Khalid Allagany have an indirect interest as they are representatives of Royal and Sun Alliance Insurance (Middle East) BSC (c) Bahrain (a subsidiary RSA Insurance Group plc) at the Board of the Company, as per market terms and authorize them for the next year. These transactions are as follows: Technical services provided to the company as per the technical services agreement renewed on 21/09/2014G for 5 years. The total value of these services during 2017G amounts to SR 5,139,000.
13. Vote on the transactions and contracts and renew it for further year with RSA Insurance Group plc. The Board Members Mr. Lloyd East, Mr. Mathew Hottson, Mr. Christopher Dooley and Mr. Khalid Allagany have an indirect interest as they are representatives of Royal and Sun Alliance Insurance (Middle East) BSC (c) Bahrain (a subsidiary RSA Insurance Group plc) at the Board of the Company, as per market terms and authorize them for the next year. These transactions are as follows: The branding fees of RSA group as per the Intellectual Property Agreement renewed on 11/03/2014G with unlimited period and linked to the shareholding of RSA Group in Al Alamiya. The total value of the transaction during 2017G amounts to SR 30,100.
