National Life & General Insurance Company is set to acquire a 100 percent shareholding in insurance provider Royal Sun Alliance Middle East.
NLGIC, owned by Oman International Development and Investment Company — also known as Omnivest — will acquire a 50 percent shareholding in RSA Middle East from Sun Alliance Insurance Overseas.
The remaining shares, now owned by Saudi shareholders, will be swapped with new shares to be issued by NLGIC.
“With this transaction, we look forward to a brighter and stronger future for our insurance business, having a much bigger impact across the region. Moreover, the transaction will bring foreign direct investment to Oman-based NLGIC,” said Khalid Muhammad AlZubair, chairman of Omnivest and NLGIC.
Adnan Bogary, chairman of RSA Middle East said: “This strategic agreement will foster strong partnership between NLGIC and our RSA Middle East shareholders and will pave the way for developing a diversified portfolio, as well as regional scale-up.
“We look forward to taking this business to new heights with our new partners.”
