Magazine date:
Feb 2024 
A report published by Alpen Capital indicates that M&A activity among insurance companies in the GCC region has picked up pace over the past two years. Between 2021 and 2023, the region saw 33 transactions, most of which - that is, 20 deals - were completed in 2022.
Among the factors driving insurers towards M&A activity are operators' strategic plans, regulatory changes, competitive pressures and the scarcity of insurance licenses.
The study predicts that M&A transactions will continue to increase over the next few years.List of M&A transactions in 2023
| Buyer | Country | Target company | Country | Year | Amount in millions USD | Shareholding |
|---|---|---|---|---|---|---|
| Solidarity Bahrain | Bahrain | Al Hilal Life | Bahrain | 2023 | N/A | 100% |
| Abu Dhabi National Insurance Company | United Arab Emirates | Allianz Saudi Fransi Cooperative Insurance Company | Saudi Arabia | 2023 | 133.1 | 51% |
| Sukoon | United Arab Emirates | Chubb Tempest Life Reinsurance | Bermuda | 2023 | N/A | N/A |
| Faifax Financial Holding | Canada | Gulf Insurance Group | Kuwait | 2023 | 851.4 | 46.3% |
| Strakhovy Budynok | Ukraine | Insurance House | United Arab Emirates | 2023 | N/A | 100% |
| BMS Group | United Kingdom | Berns Brett Masaood Insurance | United Arab Emirates | 2023 | N/A | N/A |
| Kuwait Insurance Company | Kuwait | National Takaful Insurance Company | United Arab Emirates | 2023 | N/A | 74% |
| Al Alfia Holding | Qatar | SEIB Insurance & Reinsurance Company | Qatar | 2023 | N/A | 10% |
| Oman Qatar Insurance Company | Oman | Vision Insurance | Oman | 2023 | 4 769.4 | 100% |
Read also | Insurance M&A: main deals concluded in 2021 and 2022 [4]