Dubai: The regional operations of RSA, the insurance company, have come under Oman’s National Life & General Insurance Corp (NLGIC), a subsidiary of Ominvest. The deal had initially been announced in April and has received all regulatory approvals.
The transaction has been done through:
- Purchasing 50.00002 per cent shareholding in RSA Middle East from Sun Alliance Insurance Overseas, a fully-owned entity of Royal Sun Alliance Insurance Ltd.; and
- Exchanging the remaining shares of RSA Middle East, owned by leading Saudi shareholders, with new issued NLGIC’s shares. This make the Saudi shareholders the second largest shareholders in NLGIC after Ominvest.
NLGIC, headquartered in Oman, has branches in Dubai, Abu Dhabi and Kuwait. According to Khalid Muhammad AlZubair, Chairman of Ominvest and NLGIC, “This transaction will not only help the company expand its customer reach in the region, but 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.”
RSA Middle East operates as local publicly listed companies under Al Ahlia Insurance Company in Oman, and Al Alamiya for Cooperative Insurance Company in Saudi Arabia.
Ominvest’s insurance arm
The Oman International Development and Investment Company (Ominvest) operates NLGIC as its key insurance subsidiary. As of 2021 year end, Ominvest’s total assets stood at $1.7 billion covering sectors such as banking, insurance, finance and leasing, among others.