RSA Insurance Group has announced the sale of its 50.00002% shareholding in RSA Middle East to National Life & General Insurance Company, subject to regulatory approval.
RSA Middle East is a provider of property and casualty insurance in the Middle East – which includes Bahrain, UAE, Oman, and the Kingdom of Saudi Arabia – and has operated in the region for 70 years. It is a joint venture of RSA Insurance with majority shareholding, and regional shareholders in the Middle East.
National Life & General Insurance Company is majority-owned by Oman International Development and Investment Co. SAOG (OMINVEST). A news release said that the shareholding sale is expected to complete by the end of the third quarter of 2022.
"Alongside the wider RSA UK&I Board, I believe this sale will support the RSA Middle East team's ambition to grow and expand in the region to become a leading multi-line insurance company,” said Intact Financial CEO and RSA UK and international board member Charles Brindamour.
Brindamour added that the sale would allow both Intact and RSA to “focus their efforts on supporting UK, Ireland, and Europe businesses towards ambitious outperformance goals.”
Read more: RSA issues full-year results
RSA Insurance recently posted a full-year profit (before tax) of £4.33 billion (about $7.09 billion) for 2021.
