Oman insurer NLGIC Group is ready for growth action after RSA M.E. buy

Oman insurer NLGIC Group is ready for growth action after RSA M.E. buy

Dubai: When it comes to deal-making in the UAE this year, the likes of Mubadala, ADQ, IHC, ADNOC and Aldar have been catching much of the limelight. When those deals extend into the billions of dirhams, it cannot be anything else. In Dubai, the IPO pipeline and the response to DEWA, Tecom and Salik have managed the same sort of deep interest in financial circles. So have the fintechs and all of the digital ventures that have clocked sizeable interest – the mortgage portal Huspy, and the BNPL players cashew and tabby. But there is one category within UAE’s wider financial services that’s been just as active – insurance. Already, there have been two separate mergers – Dar Al Takaful and Watania, and now, Emarat and Salama. Then there was the one that saw Oman’s National Life & General Insurance Corp. (NLGIC) take ownership of the RSA Middle East, one of the biggest names in third-party administration (TPA). In an interview, Martin Rueegg, Group CEO of NLGIC Group – itself part of Omani conglomerate Ominvest – talks through the reasons for the RSA deal. Both RSA and NLGIC had existing businesses in the UAE (since) a long time back. With