NLGIC to purchase minority shares in Al Ahlia Insurance

Muscat – Following the completion of the sale of Royal & Sun Alliance Middle East (RSA Middle East) to National Life & General Insurance Company (NLGIC), a public notice was made on July 7, 2022 by NLGIC of its intention to purchase the minority shares of Al Ahlia Insurance Company, a subsidiary of RSA Middle East.

Further to the public notice, on November 20, 2022, NLGIC issued a public announcement to purchase 47.5 per cent of Al Ahlia’s shares.

The transaction aims to transform both companies into a larger, stronger, and more competitive regional insurance player emerging from Oman. The transaction is subject to approvals from the respective regulators and shareholders, NLGIC said in a press release.

For the avoidance of doubt, this announcement is a takeover offer advertisement as defined by the Takeover and Acquisition Regulation (E/2/2019).

Established in 1985, Al Ahlia is one of the longest serving nonlife insurance companies in Oman. The company offers a wide range of products and services in the retail sector including motor, travel, personal accident and home products.

With its 24 branches, over 26 exclusive agents, a dedicated call center and a convenient online platform, Al Ahlia provides its customers with unmatched sales and service support. It also offers a wide range of commercial insurance products including property, casualty, motor, construction, marine, specialty lines and SME solutions.

NLGIC is a subsidiary of Oman International Development and Investment Company (Ominvest). Listed on the Muscat Stock Exchange, NLGIC is the market

leader and the largest insurance company in Oman with branches in Dubai, Abu Dhabi and Kuwait. The company has been in the insurance industry for more than 25 years, offering a wide range of

insurance solutions in medical, life and general insurance seg

ments with a successful track record of business performance across various financial parameters.

NLGIC is the market leader in Oman in the motor and health in

surance segments and one of the major players in the UAE and growing fast in its new markets including Kuwait.

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 50 years, bringing best-in-class international solutions and expertise to the Middle East.

RSA Middle East is a joint venture formed by RSA Insurance

Group, with majority shareholding, and regional shareholders in the Middle East. It has operations in Bahrain, UAE, Oman and Saudi Arabia. It operates as local publicly listed companies in Oman, under Al Ahlia Insurance Company, and in Saudi Arabia, under

Al Alamiya for Cooperative Insurance Company.

The transaction aims to transform both companies into a larger, stronger and more competitive regional insurance player emerging from Oman