Sukoon Insurance (previously known as Oman Insurance Company) has received authorization from the Central Bank of the UAE and the Securities and Commodities Authority (SCA) to proceed with its proposed acquisition of the majority of Arabian Scandinavian Insurance Company (ASCANA).
In December 2022, Sukoon entered a share purchase agreement to acquire a majority ownership of more than 93% in the DFM-listed takaful insurer. The acquisition, according to Sukoon, is in keeping with its objective to diversify its sources of business and cement its footprint in the UAE and GCC, while also allowing it to penetrate the burgeoning takaful insurance market.
Jean-Louis Laurent Josi, CEO of Sukoon Insurance, said “We are excited to receive the regulatory nods from the Central Bank and SCA. With this transaction, we aim to capitalize on ASCANA’s deep expertise in the takaful market, and at the same time allow ASCANA to leverage our capabilities in specialized underwriting, digital, and customer experience to further enhance its outreach and value proposition.”
It should be noted that this is Sukoon’s second major transaction after the November 2022 deal to acquire Generali’s life portfolio in the United Arab Emirates.