Oman’s Omnivest subsidiary NLGIC to acquire RSA Middle East

Oman’s Omnivest subsidiary NLGIC to acquire RSA Middle East

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Gulf insurer National Life and General Insurance Company (NLGIC), a subsidiary of investment holding firm Oman International Development and Investment Company (Omnivest), has signed deals to fully acquire Royal & Sun Alliance Insurance Middle East.

NLGIC will acquire around 50 percent shareholding in RSA Middle East from Sun Alliance Insurance Overseas, a fully owned entity of RSA Middle East, according to a disclosure. The remaining shares, which are owned by Saudi shareholders, will be swapped with new shares to be issued by NLGIC.

A provider of property and casualty insurance, RSA Middle East operates in the UAE, Bahrain, Oman and Saudi Arabia.

The sale, expected to be completed by the end of the third quarter of 2022, will support RSA Middle East’s goal to grow and expand in the region’s multi-line insurance market, according to a separate statement.

(Writing by Cleofe Maceda; editing by Seban Scaria)