Oman International Development and Investment Company SAOG (OMINVEST), a flagship insurance subsidiary, and National Life & General Insurance Company SAOG (NLGIC) has completed the strategic transaction which has resulted in RSA Middle East becoming a wholly owned subsidiary of NLGIC. This enables the RSA Middle East’s operations in the GCC, Kingdom of Saudi Arabia, the United Arab Emirates, and Kingdom of Bahrain including the Sultanate of Oman.
NLGIC operation has been executed in two parts:
- Acquiring 50.00002% stake holding in RSA Middle East from Sun Alliance Insurance Overseas Limited (SAIO), a fully owned unit of Royal Sun Alliance Insurance Limited.
- Exchanging the remaining shares of RSA Middle East, owned by reputable Saudi shareholders, with new issued NLGIC’s shares, thus making the Saudi shareholders collectively the second largest shareholders in NLGIC after OMINVEST.
Khalid Muhammad AlZubair, Chairman of OMINVEST and NLGIC, stated that on behalf of the boards of OMINVEST and NLGIC, he would like to express the group’s sincere gratitude to the reputable regulators in the Kingdom of Saudi Arabia, Sultanate of Oman, United Arab Emirates, and Kingdom of Bahrain for their exceptional understanding and support of the important positive potential of this transaction to the insurance landscape and market dynamics in the region.
He further added that, as a part of NLGIC’s growth strategy, this transaction would not only help the company expand its customer reach in the region but also would bring together potential synergies between both companies in terms of technologies and resources. This provides 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 has brought NLGIC and RSA Middle East closer to forming a robust partnership that helps them expand their portfolio and position themselves as a leading multi-line insurer in the area, poised for future growth, the Chairman of RSA Middle East, Adnan Bogary said.
A noteworthy fact is that RSA Middle East is a leading provider of property and casualty insurance in the Middle East. It proposes solutions for both retail and commercial clients, across a range of product lines, including property, motor, medical, SME, as well as tailored solutions for large corporates. It has functioned in the region for over 60 years, bringing top-notch expertise and international solutions to the Middle East. RSA Middle East has transactions in the Sultanate of Oman, United Arab Emirates, Kingdom of Saudi Arabia, and the Kingdom of Bahrain. It serves as local publicly listed companies – Al Ahlia Insurance Company in Oman, and Al Alamiya for Cooperative Insurance Company in Saudi Arabia.
Oman International Development and Investment Company SAOG (OMINVEST), is one of the highly successful and largest listed investment companies in the region. Established in 1983, it has been consistently profitable and has an enviable track record of uninterrupted dividend payments to shareholders. OMINVEST has long-owned high-quality durable assets in diversified sectors, producing healthy cash flows. The company’s total assets stood at USD 1.7 billion covering diverse sectors, including Banking, Finance and Leasing, Insurance, Financial Investments, Private Equity, and Investment Banking as of the fiscal year, 2021.
NLGIC (National Life & General Insurance Co. SAOG), is a subsidiary of OMINVEST (Oman International Development and Investment Company SAOG). It is headquartered in Oman with branches in Dubai, Abu Dhabi, and Kuwait.
NLGIC has been in the insurance industry for more than 25 years, providing a wide range of products and group insurance solutions in Medical, Life and General Insurance segments with a successful track record of business performance across various financial frameworks. The company is the market leader in Oman in the Health Insurance and Motor segments and one of the major players in the UAE and fastest growing in its new markets including Kuwait. The business is listed on the Muscat Stock Exchange.
About RSA Middle East
RSA Middle East is a leading provider of property and casualty insurance in the Middle East with operations in the United Arab Emirates, Bahrain, Sultanate of Oman, and the Kingdom of Saudi Arabia.