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RSA Insurance Group Ltd (“RSA”) and Intact Financial Corporation has announced the sale of RSA’s 50.00002% shareholding in RSA Middle East B.S.C.(c) (‘RSA Middle East’) to National Life & General Insurance Company, majority-owned by Oman International Development and Investment Co. SAOG (OMINVEST), subject to regulatory approvals.
The transaction follows the acquisition of RSA by Intact Financial Corporation in June 2021, and a subsequent strategic review of operations by Intact and the RSA Board.
Charles Brindamour, CEO of Intact Financial Corporation and Member of the RSA UK and International Board said:
“Alongside the wider RSA UK&I Board, I believe this sale will support the RSA Middle East team’s ambition to grow and expand in the region to become a leading multi-line insurance company. Intact and RSA will now focus their efforts on supporting UK, Ireland and Europe businesses towards ambitious outperformance goals.”
The transaction is expected to complete by the end of Q3 2022. Clyde & Co LLP – Dubai office is acting as legal adviser to Intact Financial Corporation and RSA.