Solidarity Bahrain has received the Central Bank of Bahrain's final approval for the acquisition of Bahrain National Insurance Company (BNI) and Bahrain National Life Company (BNL) for a total purchase price of BHD75m ($199m) in cash.
The approval for BNL relates to the company’s direct acquisition of 100% of its share capital, while the approval for BNI relates to the acquisition of 100% of its share capital by the company’s majority shareholder, Solidarity Group Holding
The deal now only remains subject to final approval by the Ministry of Industry and Commerce in respect of the share transfer and completion of related formalities.
The completion of the transaction is expected to have a positive impact on Solidarity Bahrain’s consolidated financial position by enhancing scale, operational efficiencies, and market leadership across both general and life insurance sectors, thereby supporting long-term growth and profitability.
Solidarity Bahrain and Bahrain National Holding Company signed definitive sale and purchase agreements relating to the acquisitions in January 2025. Mr Ashraf Bseisu, group CEO of Solidarity Group Holding said, “This transaction is a key step in the Group’s flagship subsidiary, Solidarity Bahrain’s strategic journey to position itself as a driving force in the marketplace. By bringing BNI and BNL into the Solidarity family, we will leverage their specialised expertise and established market presence to complement our existing strengths. Once completed, this acquisition is expected to nearly double our current scale in Bahrain, with a combined annual gross written premium projected to exceed BHD100m."