National Life and General Insurance Company (NLGIC), a flagship insurance subsidiary of Oman International Development and Investment Company (Ominvest), said it has successfully completed the strategic acquisition of RSA Middle East, a leading provider of property and casualty insurance in the Middle East with operations in Bahrain, UAE, Oman and Saudi Arabia.

 

The deal comes following the signing of a sale and purchase agreement and a share swap agreement in April and after obtaining relevant approvals from the regulators and shareholders. 

 

According to Ominvest, the transaction has been executed in two parts: (i) purchase of a 50.00002% shareholding in RSA Middle East from Sun Alliance Insurance Overseas, a fully owned entity of Royal Sun Alliance Insurance Limited and (ii) exchange of the remaining shares of RSA Middle East, owned by reputable Saudi shareholders, with new issued NLGIC’s shares, making the Saudi shareholders collectively the second largest shareholders after Ominvest. 

 

NLGIC is headquartered in Oman with branches in Dubai, Abu Dhabi and Kuwait.

 

Highlighting the positive potential of the transaction to the region's insurance landscape and market dynamics, Khalid Muhammad AlZubair, the Chairman of Ominvest and NLGIC, said: "As part of NLGIC’s growth strategy, this transaction will not only help the company expand its customer reach in the region but also bring together potential synergies between both companies in terms of resources and technologies to provide a wider range of insurance products and services to both individual and corporate customers, thus creating a well-diversified insurance player in the region."

 

RSA Middle East Chairman Adnan Bogary said: "The successful completion of this transaction brings NLGIC and RSA Middle East closer to forming a robust partnership that will help us expand our portfolio and position ourselves as a leading multi-line insurer in the area, poised for future growth."

 

According to Bogary, RSA Middle East is a leading provider of property and casualty insurance in the Middle East. It offers solutions for both commercial and retail clients, across a range of product lines, including motor, property, medical, SME as well as tailored solutions for large corporates, he added. 

 

It has operated in the region for over 60 years, bringing best-in-class international solutions and expertise to the Middle East with a major presence in Oman, Saudi Arabia, UAE and Bahrain.

 

It operates as local publicly listed companies under Al Ahlia Insurance Company in Oman, and Al Alamiya for Cooperative Insurance Company in Saudi Arabia.-TradeArabia News Service