Oman Insurance coverage Firm (Sukoon) has concluded a beforehand introduced deal to amass a 93.0432% stake in Arabian Scandinavian Insurance coverage Firm (ASCANA).
Signed in December final 12 months, the deal was executed within the type of a particular deal through Dubai Clear.
It aligns with Sukoon’s plan to diversify its enterprise and streamline its attain within the UAE and the Gulf Cooperation Council (GCC).
The deal additionally allows the agency to enter the takaful insurance coverage house.
Monetary phrases of the deal weren’t disclosed.
Sukoon additionally plans to submit a suggestion to amass the remaining shares of DFM-listed takaful insurer ASCANA, as soon as it will get regulatory clearance.
Whereas saying the acquisition in December, the corporate stated that it’s going to adhere to all obligations in response to the rules of the Dubai Monetary Market and Securities and Commodities Authority.
Sukoon Insurance coverage CEO Jean-Louis Laurent Josi stated: “This acquisition won’t solely strengthen Sukoon’s capacity to satisfy a wider vary of buyer wants with Shariah-compliant merchandise, however it should additionally permit ASCANA to leverage Sukoon’s robust heritage, market positioning and specialised underwriting capabilities.
“The acquisition marks a brand new chapter within the historical past of Sukoon, additional reinforcing our place as an insurer of selection within the UAE.”
The newest deal comes six months after Sukoon accomplished the acquisition of the UAE Life insurance coverage portfolio from Italy’s Assicurazioni Generali.
Sukoon purchased unit-linked life insurance coverage insurance policies as a part of the deal.
On the a part of Assicurazioni Generali, it allowed the corporate to consolidate its enterprise mannequin within the UAE by strengthening its “ecosystem of partnership proposition”.