National Life and General Insurance Company (NLGIC), a flagship insurance arm 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 across the GCC.
The transaction has been executed in two parts, first by purchasing 50.00002 percent shareholding in RSA Middle East from Sun Alliance Insurance Overseas, and second, by 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.
“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.”
“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,” said Mr. Adnan Bogary, Chairman of RSA Middle East.
It is worth mentioning that 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.