RSA Oman acquires Al Ahlia Insurance for 19 million rials


11/02/2010 00:00 AST

RSA Insurance Group plc (RSA) and ONIC Holding SAOG singed here yesterday an agreement in which RSA Oman will acquire Al Ahlia from ONIC Holding for RO 19 million ($49 million). The purchase price is subject to a net asset value adjustment on completion. 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.

Paul Holmes, CEO, RSA Middle East, said, “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. We welcome ONIC Holding as a local shareholder in Oman and value their strategic support as we drive the business forward. “

Sayyida Rawan Ahmed al Said, Group Chief Executive, ONIC Holding said, “This strategic tie-up is a significant step for ONIC by aligning with an international player in the insurance sector. We believe that this alliance will enhance value to ONIC’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.”

Following the transaction, the major shareholders in RSA Oman will be RSA Middle East with 69 per cent and ONIC Holding with 20.03 per cent. The remaining 11 per cent will be held by WJ Towell & Company, OHI and Prem Mankad. Completion of the transaction is subject to shareholder and regulatory approvals.

Shaikh Khalid Hilal al Mawali, Chairman, Al Ahlia Insurance, was also present on the occasion. Established in 1985, Al Ahlia operates through a network of 20 branches across the Sultanate of Oman and provides Motor, Property, Engineering and Marine insurance. In 2008, gross written premiums were RO 25 million ($65m) and net written premiums were RO 16 million ($42m).

Established in 1972, RSA Oman offers a range of personal and commercial lines insurance including motor, marine, property and engineering. RSA Middle East is the major shareholder in RSA Oman, with a 67 per cent holding increasing to 69 per cent post this transaction. Oman National Investment Corporation Holding (ONIC Holding), is the leading financial services conglomerate in Oman with diversified holdings.

Established in 1985, Al Ahlia operates through a network of 20 branches across the Sultanate of Oman and provides Motor, Property, Engineering and Marine insurance. In 2008 gross written premiums were RO 25 million ($65m) and net written premiums were RO 16 million ($42 million).

Oman Daily Observer
Oman National Inv. Corp. Holding - ONIC
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
GFH 0.46 3,578,848
DSI 0.39 45,711,538
DAMAC 3.84 686,475
BKSB 0.14 275,822
AIRARABIA 1.12 4,055,524
QNBK 135.9 109,396
EEC 18.03 354,774
Recent News

$32bn worth urban projects 'at tendering stage in GCC'
As many as 801 construction projects with a combined estimated value of Dh117.44 billion ($32 billion) are currently in the tendering stage in the GCC's urban construction sector, according to a repo

Drake & Scull to proceed with Fairmont Abu Dhabi MEP works
Drake & Scull International (DSI), a regional market leader in engineering and related services, has announced that it will proceed with the mechanical, electrical and plumbing (MEP) works for the Fa

Engie completes $762m investment in Tabreed
The National Central Cooling Company (Tabreed) has announced the successful completion of an investment of approximately Dh2.8 billion ($762.32 million) by Engie, a global energy company, to acquire

UAE Central Bank deposits top $33 billion in H1
The total value of monetary deposits at the UAE Central Bank amounted to Dh123 billion ($33.5 billion) during the first half (H1) of the year, Dh122.95 billion of which are in banknotes and Dh50 mill

Qatar sovereign wealth fund trims Credit Suisse stake
The Qatar Investment Authority has reduced its shareholding in Credit Suisse Group to 4.94 percent, amid the Middle Eastern nation’s diplomatic crisis with neighbouring countries.

The coun

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?