Dubai-based Sukoon, formerly known as Oman Insurance, has acquired the UAE life insurance portfolio of Chubb Tempest Life Reinsurance.
The acquisition, which includes unit-linked life insurance and protection policies, is part of Sukoon’s strategy to boost its position in the market.
On August 24, an agreement was signed to proceed with the deal. The transaction is still subject to regulatory approvals, Sukoon said.
In a statement, Sukoon said the policies of existing customers of Chubb Tempest will not be affected by the acquisition.
“Both parties are committed to ensuring a smooth transition for the existing policyholders and to continue providing them with access to …. insurance services and systems.”
“The terms and conditions of customer's policies will remain unchanged.”
According to Emmanuel Deschamps, member of the executive committee and head of individual life and workplace saving at Sukoon, the deal is in line with the company’s strategy to “accelerate” portfolio expansion.
(Writing by Cleofe Maceda; editing by Brinda Darasha)