RSA Oman acquires Al Ahlia Insurance

The supervisory authorities have agreed in principle to the purchase in February of Al Ahlia Insurance by Royal & Sun Alliance Insurance Oman (Oman RSA). ONIC Holding leaves Ahlia Insurance for 19 million OMR (49.5 million USD). This move required a capital increase of RSA Oman of 7.5 million OMR (19. million USD) at 22.5 OMR (58.6 million). With a market share of 20%, the new entity will become the second non-life insurer in the Sultanate behind Dhofar Insurance. The merger of the two groups will be completed by December 31, 2010. From January 1, 2011, the company will operate under the name of Al Ahlia Insurance. The management is expecting a premiums' volume of 40 million OMR (104 million USD) in 2011.