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THE MEDITERRANEAN AND GULF INSURANCE AND REINSURANCE CO ANNOUNCES THE STRENGETHING OF ITS TECHNICAL PROVISIONS


The Mediterranean and Gulf Insurance and Reinsurance Co announces the adoption of the recommendations of the actuary and in line with the Saudi Arabian Monetary Agency guidance on the calculation of technical reserves, where the company today 14/03/1435 H corresponding to 15/01/2014 , has increased its net reserves for claims for the fourth quarter of the year 2013 by an amount of 182 million riyals , which will reflect negatively on the company's results for the fourth quarter of 2013 . These provisions will strengthen the company's ability to fully meet its future dues.