Doha: Development investment of National Life & General Insurance Company SAOG (NLGIC), Oman International’s flagship insurance subsidiary, after signing sales and stock exchange agreements in April 2022 and obtaining relevant approvals from regulators and shareholders. The company SAOG (OMINVEST) has completed a strategic transaction and RSA Middle East has become a wholly owned subsidiary of NLGIC, covering operations at GCC, including Oman, the Kingdom of Saudi Arabia and the United Arab Emirates. Emirates, and the Kingdom of Bahrain.
This transaction was executed in two parts. (I) Purchase a 50.00002% stake in RSA Middle East from Sun Alliance Insurance Overseas LTD (SAIO), a wholly owned company of Royal Sun Alliance Insurance Limited. (Ii) Exchange the remaining shares of RSA Middle East owned by reputable Saudi shareholders for the newly issued shares of NLGIC, making Saudi Arabia’s second largest shareholder after OMIN VEST.
NLGIC is headquartered in Oman with offices in Dubai, Abu Dhabi and Kuwait.
President of OMINVEST and NLGICKhalid Muhammad Al Zubair (left) and President of RSA Middle East Adnan Bogary
“On behalf of the Board of Directors of OMINVEST and NLGIC, we would like to express our sincere gratitude for the extraordinary support and understanding of the reputable regulators of Oman, Saudi Arabia, United Arab Emirates and Bahrain. President of Oman and NLGIC. KhalidMuhammadAlZubair said:
“As part of NLGIC’s growth strategy, the transaction not only helps the company expand its customer reach in the region, but also connects potential synergies between the two companies in terms of resources and technology. It also offers a wide range of insurance products. By serving both individual and corporate clients, we are creating a diverse insurer in the region. ”
“Once this transaction is completed successfully, NLGIC and RSA Middle East will have a strong partnership to help expand their portfolio and establish themselves as the region’s leading multi-line insurer for future growth. We are approaching the formation of, “says Adnan Bogary. RSA Middle Chairman
It is worth mentioning that RSA Middle East is a leading provider of non-life insurance in the Middle East. We not only provide solutions for both commercial and retail clients across a wide range of product lines, including motors, real estate, medical and small businesses, but also customized solutions for large enterprises. Operated in the region for over 60 years, it brings best-in-class international solutions and expertise to the Middle East. RSA Middle operates in Oman, Saudi Arabia, United Arab Emirates and Bahrain. It operates as a local listed company under the Al Ahlia Insurance Company in Oman as Al Alamiya of the Cooperative Insurance Company in Saudi Arabia.