The UK-based RSA Insurance Group plc has agreed to acquire Oman-based Al Ahlia Insurance Company SAOC for OMR 19 million (£31 million – $48.36 million) from ONIC.
RSA said “Al Ahlia is the third largest insurer in Oman, with gross written premiums of OMR 25 million (£40 million – $62.4 million) in 2008. The transaction will create the largest insurance group in Oman by net written premium.”
Consideration is payable as a combination of cash and shares in the acquiring entity RSA Oman.
Paul Whittaker, CEO of Emerging Markets, commented: “The acquisition of Al Ahlia creates a market leading insurer in Oman and enhances our Emerging Markets platform in the Middle East.”
Completion of the transaction is subject to shareholder and regulatory approvals.
Source:
RSA Insurance group – www.rsagroup.com
Topics Mergers & Acquisitions
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