AL ALAMIYA Announces Royal & Sun Alliance Sale 50% Shares in Middle East to NLGIC

Royal & Sun Alliance Group announced on Monday the sale of its 50% shareholding in Royal & Sun Alliance Insurance (Middle East) from Sun Alliance Insurance Overseas Ltd (SAIO) to National Life & General Insurance Company SAOG (NLGIC), majority owned by Oman International Development and Investment Co. SAOG (OMINVEST).

The remaining shares, owned by Royal & Sun Alliance Insurance (Middle East) shareholders, will be exchanged into NLGIC shares, making the Royal & Sun Alliance Insurance (Middle East) Shareholders the majority shareholders of NLGIC after OMINVEST.

As a result, Royal & Sun Alliance Insurance (Middle East) will become a wholly owned subsidiary of NLGIC.

Royal & Sun Alliance Insurance (Middle East) will continue to hold a majority shareholding in Al Alamiya for Cooperative Insurance Company.

The deal is subject to regulatory approvals and the transaction is expected to complete swiftly post relevant approvals.

The company wants to emphasize that 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.