Dubai-listed Sukoon, the third largest insurer in the UAE, has completed the acquisition of the UAE Life insurance portfolio of Chubb Tempest Life Reinsurance.
In a statement, Sukoon says that the acquisition, an agreement on which was signed on 24 August 2023, reflects its strategy to become the regional reference in life insurance. The transfer which involves unit-linked and protection life insurance policies was approved by relevant regulators including the Central Bank of the UAE and the Bermudan Monetary Authority. The migration of the portfolio has been completed.
Sukoon will continue to provide policyholders with access to best-in-class insurance services and systems. All policyholders are provided with 24/7 access to their policies and investments on the company’s digital platform. The terms and conditions of customers' policies as issued by Chubb remain unchanged.
“We are pleased with this transaction which has further strengthened our market position. It is in line with our strategy to accelerate the growth of our life portfolio. We are capitalising on our highest international standards, high digital capabilities at the service of our clients, and our multi-channel approach,” said Mr Emmanuel Deschamps, member of the Executive Committee of Sukoon and head of Individual Life and Workplace Savings at Sukoon.