Solidarity Bahrain and Bahrain National Holding Company (BNH) have signed the final sale and purchase agreement by which the former acquires the latter.
Both parties announced that they have signed the final agreement regarding Solidarity Bahrain’s acquisition of 100% of the shares of BNH’s wholly owned subsidiaries: Bahrain National Insurance Company (bni) and Bahrain National Life Assurance Company (bnl), for a total purchase price of BHD75m ($199.5m).
BNH announced details of the deal through a company disclosure lodged with the Bahrain Bourse on 9 January. The statement said that completion of the acquisition is subject to regulatory and supervisory approvals, including the approval of the Central Bank of Bahrain.
Solidarity Bahrain, a subsidiary of Solidarity Group Holding, is Bahrain’s largest shariah-compliant insurance provider.
bnl, the life arm of BNH, was established in 2000 with a capital base of BHD5m as Bahrain’s first specialised local life insurer. The operator also offers medical insurance services for businesses and individuals. The non-life arm, bni, established in 1998 with a capital of BHD6.5m, offers various general insurance products to commercial entities and individuals.