UAE: Sukoon acquires the UAE life insurance portfolio of Chubb Tempest Life Reinsurance

Source: Middle East Insurance Review | Oct 2023

Dubai-headquartered insurer Sukoon (formerly Oman Insurance) has bought the UAE life insurance portfolio of Chubb Tempest Life Reinsurance.

The deal was signed on 24 August 2023. It reflects Sukoon’s strategy to become the regional reference in life insurance. Financial terms of the transaction are not disclosed.

The transfer of the UAE portfolio, which covers unit-linked life insurance and protection policies, is subject to regulatory approvals. “Both parties are committed to ensuring a smooth transition for the existing policyholders,” said a statement issued by Sukoon.

Sukoon, which is listed in Dubai, has been aggressively pursuing deal-making in recent years, with a notable one being the majority stake in ASCANA (Arabian Scandinavian Insurance Co). There was also a stake sale, such as the company exiting its Turkish operations in Türkiye.

Chubb Tempest Life Reinsurance is a private company incorporated in Bermuda, with UAE offices in Dubai and Sharjah. M

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