Sukoon Insurance, formerly known as Oman Insurance Company, has obtained the necessary permissions from the Central Bank of UAE and the Securities and Commodities Authority (SCA) to proceed with its proposed acquisition of majority stakes in Arabian Scandinavian Insurance Company (Ascana).
This was announced through disclosure in Dubai Financial Market (DFM).
In December last year, Sukoon had signed a share purchase agreement to acquire a majority stake of more than 93 percent in the DFM-listed takaful insurer.
The acquisition is in line with Sukoon’s strategy to diversify its sources of business and consolidate its presence in the UAE and GCC while allowing it to enter the growing takaful insurance market.
Jean-Louis Laurent Josi, CEO of Sukoon Insurance, said: “We are excited to receive the regulatory nods by Central Bank and SCA. With this transaction, we aim to capitalise on Ascana’s deep expertise in the takaful market, and at the same time allow it to leverage our capabilities in specialised underwriting, digital, and customer experience to enhance its outreach and value proposition further.”
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