OMINVEST’s insurance arm NLGIC to fully acquire stakes in RSA Middle East 

OMINVEST’s insurance arm NLGIC to fully acquire stakes in RSA Middle East 

National Life & General Insurance Company (NLGIC), a subsidiary of Oman International Development and Investment Company (OMINVEST) has entered into a strategic transaction to acquire 100 percent shareholding in UAE-based Royal Sun Alliance (RSA) Middle East.

The transaction will be split into two halves by NLGIC. The first part involves purchasing a 50.00002 percent stake in RSA Middle East from Sun Alliance Insurance Overseas, a wholly-owned subsidiary of Royal & Sun Alliance Insurance Limited.

The second part will include exchanging the remaining RSA Middle East shares, owned by reputable Saudi shareholders, with newly issued NLGIC shares, making Saudi shareholders the second-largest shareholders in NLGIC after OMINVEST.

The agreements have been based on a deep understanding of RSA’s business legacy and capabilities, and on the efficient utilization of NLGIC’s know-how and financial position, aiming to transform the combined entity into a larger, stronger, and more competitive regional insurance player emerging from the Sultanate of Oman.

Khalid Muhammad AlZubair

Chairman – OMINVEST “Our investment philosophy at OMINVEST has always been to support and enable our portfolio companies to thrive and grow. OMINVEST has a strong track record of building businesses in the insurance sector. Our largest insurance subsidiary, NLGIC, has remarkably grown locally and regionally. NLGIC’s success