OMINVEST’s Insurance Subsidiary, NLGIC, comes together with RSA Middle East to build a Leading Multi-Line Insurance Group in the Region
Muscat, July 7, 2022: 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 SAOG (NLGIC), a flagship insurance subsidiary of Oman International Development and Investment Company SAOG (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 Kingdom of Bahrain.
The transaction has been executed in two parts: (i) purchasing 50.00002% 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 and Kingdom of Bahrain for their exceptional support and understanding of the important positive potential of this transaction to the insurance landscape and market dynamics in the region”, said Khalid Muhammad AlZubair, Chairman of OMINVEST and NLGIC.
He added, “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 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. It has operated in the region for over 60 years, bringing best-in-class international solutions and expertise to the Middle East. RSA Middle has operations in the Sultanate of Oman, Kingdom of Saudi Arabia, United Arab Emirates, and the Kingdom of Bahrain. It operates as local publicly listed companies under Al Ahlia Insurance Company in Oman, and Al Alamiya for Cooperative Insurance Company in Saudi Arabia.”
OMINVEST is one of the highly successful and largest listed investment companies in the region. Founded in 1983, it has been consistently profitable and has an enviable track record of uninterrupted dividend payments to shareholders. OMINVEST owns high-quality durable assets in diversified sectors, producing healthy cash flows. As of 2021 year end, the company’s total assets stood at USD 1.7 billion covering diverse sectors, including Banking, Insurance, Finance and Leasing, Financial Investments, Private Equity and Investment Banking. The company’s assets cover diversified geographies including the GCC and Asia in addition to significant investments in global capital markets. The company is led by a progressive board and a capable management team – dedicated to enhancing value for all stakeholders. ”
National Life & General Insurance Co. SAOG (NLGIC) is a subsidiary of Oman International Development and Investment Company SAOG (OMINVEST). Listed on the Muscat Stock Exchange, NLGIC has been in the insurance industry for more than 25 years, offering a wide range of personal lines and group insurance solutions in Medical, Life and General Insurance segments with a successful track record of business performance across various financial parameters. The company is the market leader in Oman in the Motor and Health Insurance segments and one of the major players in the UAE and growing fast in its new markets including Kuwait. ”
About RSA Middle East
RSA Middle East is a leading provider of property and casualty insurance in the Middle East with operations in Bahrain, UAE, Oman and the Kingdom of Saudi Arabia. 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. It has operated in the region for over 60 years, bringing best-in-class international solutions and expertise to the Middle East.