NLGIC acquires top insurance firm RSA Middle East

NLGIC acquires top insurance firm RSA Middle East

Muscat: Further to the signing of a sale and purchase agreement and a share swap agreement in April 2022, 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 the Sultanate of Oman, Kingdom of Saudi Arabia, the United Arab Emirates, and the Kingdom of Bahrain.

The transaction has been executed in two parts: (i) purchasing 50.00002 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 the Sultanate of Oman, Kingdom of Saudi Arabia, United Arab Emirates