Gulf insurer National Life and General Insurance Company (NLGIC), a subsidiary of investment holding firm Oman International Development and Investment Company (Omnivest), has signed deals to fully acquire Royal & Sun Alliance Insurance Middle East, Zawya reports, citing a disclosure.
Per the disclosure, NLGIC will acquire around 50 percent shareholding in RSA Middle East from Sun Alliance Insurance Overseas, a fully owned entity of RSA Middle East.
The remaining shares, which are owned by Saudi shareholders, will be swapped with new shares to be issued by NLGIC.
RSA Middle East operates in the UAE, Bahrain, Oman and Saudi Arabia. The sale, expected to be completed by the end of the third quarter of 2022, will support RSA Middle East’s goal to grow and expand in the region’s multi-line insurance market. Zawya notes citing a separate statement.
Oman’s insurer NLGIC to acquire RSA Middle East
