Dubai: The Dubai insurer Sukoon (formerly Oman Insurance) has bought the UAE life insurance portfolio held by Chubb Tempest Life Reinsurance, as the former works on a strategy to emerge as a top regional player in this line.
It was on August 24 that the deal with Chubb Tempest was signed. (Chubb Tempest Life Reinsurance Ltd, is a private company incorporated in Bermuda, with UAE offices in Dubai and Sharjah.)
“We are pleased with this transaction which is further strengthening our market position,” said Emmanuel Deschamps, member of Executive Committee of Sukoon and Head of Individual Life and Workplace Saving at Sukoon.
“It is in line with our strategy to accelerate the growth of our life portfolio. We are capitalizing on our highest international standards, high digital capabilities at the service of our clients and our multi-channel approach.”
The transfer of the UAE portfolio, which covers unit-linked life insurance and protection policies, is subject to regulatory approvals. “Both parties are committed to ensuring a smooth transition for the existing policyholders,” said a statement issued by Sukoon.
The DFM-listed Sukoon has been aggressively pursuing deal-making through recent years, with a notable one being the majority stake in ASCANA (Arabian Scandinavian Insurance Co.). There was also a stake sale, such as the company exiting its Turkish operations in Turkey.
The pace of consolidation in the UAE insurance sector has picked up more urgency. With the merger of Dar Al Takaful and Watania being a prominent one. Another potential deal – between Takaful Emarat and Salama – was however scrapped.