RSA Middle East & NLGIC
As part of this transaction, Intact will sell its 50% shareholding in RSA Middle East to NLGIC. The remaining shares, owned by our RSA Middle East shareholders, will be exchanged into NLGIC shares, making the RSA Middle East Shareholders the majority shareholders of NLGIC after OMINVEST. Upon obtaining regulatory approvals, RSA Middle East will become a wholly owned subsidiary of NLGIC. RSA Middle East will continue to hold a majority shareholding in Al Alamiya for Cooperative Insurance Co. in Saudi Arabia and in Al Ahlia Insurance Co. in Oman.
Intact and RSA have a duty to review and support proposals which they believe can benefit their shareholders, whilst also considering the interests of other stakeholders.
Following a thorough review of the opportunities in general insurance in the Middle East region, Intact and RSA see a clear path forward for the business to grow profitably across Oman, UAE and Saudi Arabia. However, to grasp these opportunities requires local knowledge and investment in capabilities.
NLGIC, based in Oman, is the market leader and the largest insurance company in Oman with branches in Dubai, Abu Dhabi and Kuwait. NLGIC has a strong presence in Health insurance in the UAE. NLGIC has local experience and resources to offer and with OMINVEST group, have set out a clear intention for how they could help RSA Middle East’s businesses grow further.
It’s simply too early to say. However, any changes to trading brands will need to be done over time and sensitively, explaining the process well to customers and other stakeholders.
As above, It’s simply too early to say. However, any changes to trading brands will need to be done over time and sensitively, explaining the process well to customers and other stakeholders.
The change in RSA Middle East ownership will have no immediate impact on day-to-day operations and business will continue to run as usual.
The change in RSA Middle East ownership will not have immediate impact on products and services offered by Al Ahlia.
For the time being, given that the deal is subject to regulatory approval and until transaction is completed, both Al Ahlia and NLGIC products and offerings will continue to remain as they are.
Once transaction is completed, which is expected to take place swiftly post relevant approvals, an integration period will commence, during which any changes or integration on the product and service offerings will be done over time and sensitively, explaining the process well to our customers and stakeholders accordingly.
We will update you in due course once we have access to more information.
Any changes to trading brands will need to be done over time and sensitively, explaining the process well to customers and other stakeholders.
At the moment, we do not have full details on how this deal will affect our headquarter locations. There will be review of the management, governance and incentive structures of RSA’s businesses to determine any arrangements which will apply post completion. We will update you in due course once we have access to more information.
Due diligence is currently underway and subject to the outcome of the process. The deal is expected to complete swiftly post relevant approvals.
Once the deal is completed, together with NLGIC, there will be review of the management, governance and incentive structures of RSA’s businesses to determine any arrangements which will apply post completion.
OMINVEST group is one of the oldest, highly successful and largest investment firms in the region with a large portfolio ranging from Commercial Banking, Insurance, Finance & Leasing, Financial Investments and Investment Banking and Real Estate.
OMINVEST is majority shareholder of National Life & General Insurance Company and are already shareholders in our Al Ahlia business in Oman.
National Life and General Insurance Co SAOG (NLGIC) are one of the major Health Insurance providers in the UAE market, achieving Gross Written premium of around AED 1.27 Billion in the FY 2020.
NLGIC has been recognised as a Leader in the Corporate Medical Insurance Industry in the UAE, Oman and Kuwait markets. With expertise in Need-based underwriting and customised solutions, they have been successful in satisfying their clients. They strive to work with the Customer First approach and believe that ‘Customer service is an Attitude and not a Department’.
At the moment, we do not have full details on how this deal will affect our product offerings. There will be review of the management, governance and incentive structures of RSA’s businesses to determine any arrangements which will apply post completion. We will update you in due course once we have access to more information.
There will not be an immediate change to your existing prices; we are still a leading insurance company with enhanced resources and capabilities to serve you. We will continue to keep you insured.
There will not be an immediate change to your existing policy; we are still a leading insurance company with enhanced resources and capabilities to serve you. We will continue to keep you insured.
There will not be an immediate change to your benefits and services. We will update you in due course once we have access to more information.
At the moment, we do not have full details on how this deal will affect our service prices. We will update you in due course once we have access to more information.
There will not be an immediate change to our call center lines. We will update you in due course once we have access to more information.
There will not be an immediate change to our existing contracts and policies. We will update you in due course once we have access to more information.
There will not be an immediate change to our network coverage. We will update you in due course once we have access to more information.
Feel free to send us an email to rsauae@ae.rsagroup.com