Muscat – Further to the signing of a sale and purchase agreement and a share swap deal in April, and after obtaining relevant approvals from the regulators and shareholders, National Life & General Insurance Company (NLGIC) – a flagship insurance subsidiary of Oman International Development and Investment Company (Ominvest) – has completed the strategic transaction which has resulted in RSA Middle East becoming a wholly owned subsidiary of NLGIC, covering its operations in the GCC, including Oman, Saudi Arabia, the UAE, and Bahrain.
NLGIC has executed the transaction in two parts: (i) purchasing 50 per cent shareholding in RSA Middle East from Sun Alliance Insurance Overseas Ltd (SAIO), a fully owned entity of Royal Sun Alliance Insurance Limited; and (ii) exchanging 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 in NLGIC after Ominvest.
NLGIC is headquartered in Oman with branches in Dubai, Abu Dhabi and Kuwait.
“On behalf of the boards of Ominvest and NLGIC, I would like to express the group’s sincere gratitude to the reputable regulators in Oman, Saudi Arabia, the UAE and Bahrain for their exceptional support and understanding of the important positive potential of this transaction to the insurance landscape and market dynamics in the region,” Khalid Muhammad AlZubair, chairman of Ominvest and NLGIC, said in a press statement.
He added, “As part of NLGIC’s growth strategy, this transaction will not only help the company expand its customer reach in the region but will 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.”
Adnan Bogary, chairman of RSA Middle East, 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.”
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. It has operated in the region for over 60 years.
RSA Middle has operations in Oman, Saudi Arabia, the 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.