Saudi Re for Cooperative Reinsurance Co. said Oct. 8 that it completed the acquisition of 49.9% of the ordinary shares of Probitas Holdings (Bermuda) Ltd.

The Saudi company signed a memorandum of understanding in July to acquire the stake in Probitas Holdings for an initial consideration of $25 million. In September, it received approval from the Lloyd's of London insurance market in the U.K. and clearance from the Saudi Arabian Monetary Authority to conclude the transaction.