Dubai – Mubasher: Oman Insurance Company (Sukoon) has acquired the UAE Life insurance portfolio of Chubb Tempest Life Reinsurance Ltd, according to a press release.
The two parties signed the agreement on 24 August 2023, as it aligned with Sukoon’s strategy to become the regional reference in life insurance.
The DFM-listed company did not disclose the financial terms of the transaction, which covers unit-linked life insurance and protection policies.
Under the partnership, the two sides will ensure a smooth transition for the existing policyholders and secure access to advanced insurance services and systems. Meanwhile, the transfer is subject to regulatory approvals.
Emmanuel Deschamps, member of the executive committee and head of individual life and workplace saving at Sukoon, commented: “We are pleased with this transaction which is further strengthening our market position. It is in line with our strategy to accelerate the growth of our life portfolio.”
Last month, the Dubai Financial Services Authority (DFSA) granted its approval for Sukoon to launch a new subsidiary called Oman Insurance Workplace Savings Solution (OIWSS).
