RSA Insurance Group – the UK and Ireland insurance subsidiary of Canadian P&C carrier Intact Financial Corporation – has unveiled that it has completed the previously-announced sale of its shareholding in RSA Middle East to National Life & General Insurance Company.
Providing P&C insurance in the Middle East region for the past 70 years, RSA Middle East is a joint venture of RSA Insurance with a majority shareholding and regional shareholders in the Middle East.
Meanwhile, National Life & General Insurance Company is an insurance company based in Oman that is part of the Oman International Development and Investment (OMIVEST) Group. The company offers both life and general insurance products.
The shareholding sale was first announced in April.
"The successful completion of this transaction will bring about a robust partnership that will help the Middle East business become a leading multi-line insurer in the region,” commented Intact Financial Corporation CEO and RSA UK and International board member Charles Brindamour.
Brindamour added that the shareholding sale is a “positive next step” for the Middle East, and would allow the RSA teams in the UK, Ireland and Europe to continue to focus on Intact’s strategy to outperform in their respective markets.
