RSA to buy top Oman insurer for $49m
Dubai, February 10, 2010
UK-based RSA Insurance Group (RSA), a leading insurance group, will acquire Al Ahlia, an insurance firm with a network of 20 branches, from Onic Holding, a top financial services company in Oman, for OR19 million ($49 million).
The purchase price is subject to a net asset value adjustment on completion, a statement said.
In return Onic Holding will acquire a 20.03 per cent stake in RSA Oman. The transaction will create the largest insurance group in Oman by net written premium, the statement added.
“Through this acquisition of Al Ahlia, we create a market leading insurer in Oman and this enhances our emerging markets position in the Middle East,” said Paul Holmes, CEO of RSA Middle East.
“We welcome Onic Holding as a local shareholder in Oman and value their strategic support as we drive the business forward,” he added.
Sayyida Rawan Ahmed Al Said, group chief executive, Onic Holding said: “This strategic tie up is a significant step for Onic Holding by aligning with an international player in the insurance sector.”
“We believe that this alliance will enhance value to ONIC Holding’s stakeholders and would have a positive impact on the insurance industry in Oman. We look forward to having a mutually beneficial and long term relationship with RSA,” Al Said concluded. – TradeArabia News Service