TORONTO, April 4,
2022 /CNW/ - RSA Insurance Group Ltd ("RSA") and
Intact Financial Corporation today 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.
Notes to editors:
- RSA Middle East B.S.C. (c) is a leading provider of property
and casualty insurance in the Middle East. It offers solutions for
both commercial and retail clients, across a range of product
lines, including motor, property, medical, SME as well as tailored
solutions for large corporates. It has operated in the region for
70 years, bringing best-in-class international solutions and
expertise to the Middle East.
- RSA Middle East is a joint venture of RSA Insurance Group Ltd,
with majority shareholding, and regional shareholders in the Middle
East. It has operations in Bahrain, UAE, Oman and the Kingdom of
Saudi Arabia. It operates as local publicly listed companies in
Oman, under Al Ahlia Insurance Company, and in Saudi Arabia, under
Al Alamiya For Cooperative Insurance Company.
- National Life & General Insurance Co. SAOG (NLGIC) is a
subsidiary of Oman International Development and Investment Company
SAOG (OMINVEST). Listed on the Muscat Stock Exchange, NLG is the
market leader and the largest insurance company in Oman with
branches in Dubai, Abu Dhabi and Kuwait. NLGIC has been in the
insurance industry for more than 25 years, offering a wide range of
insurance solutions in Medical, Life and General Insurance segments
with a successful track record of business performance across
various financial parameters. The company is the market leader in
Oman in the Motor and Health Insurance segments and one of the
major players in the UAE and growing fast in its new markets
including Kuwait.
About Intact Financial
Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading
provider of global specialty insurance, and, with RSA, a leader in
the U.K. and Ireland. Our business has grown organically and
through acquisitions to over $20 billion of total annual
premiums.
In Canada, Intact distributes
insurance under the Intact Insurance brand through a wide network
of brokers, including its wholly-owned subsidiary BrokerLink, and
directly to consumers through belairdirect. Intact also provides
affinity insurance solutions through the Johnson Affinity
Groups.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, and
wholesalers and managing general agencies.
Outside of North America, the
Company provides personal, commercial and specialty insurance
solutions across the U.K., Ireland, Europe and the Middle East through the RSA brands.
SOURCE Intact Financial Corporation