Allianz Group has accomplished the sale of its 51% stake in Allianz Saudi Fransi Cooperative Insurance coverage Firm (Allianz Saudi Fransi) to Abu Dhabi Nationwide Insurance coverage Firm (ADNIC).
The transaction, valued at SR499m ($133.06m), aligns with Allianz’s technique to optimise its operations within the Center East.
The deal, first introduced in September 2023, has been wrapped up after it obtained all essential regulatory approvals.
Established in 2007, Allianz Saudi Fransi was a collaboration between Banque Saudi Fransi and Germany’s Allianz.
The three way partnership’s workers and prospects will stay unaffected by the change in possession.
ADNIC, a multiline insurance coverage supplier within the United Arab Emirates, is listed on the Abu Dhabi Inventory Trade and is now anticipated to grow to be one of many Tier-1 listed insurers in Saudi Arabia.
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ADNIC said that it has been actively in search of alternatives to develop its presence and this newest acquisition will improve its operations in two of the biggest and most quickly increasing insurance coverage markets within the Gulf, in addition to the broader Center East and Africa areas.
ADNIC CEO Charalampos Mylonas stated: “The strategic acquisition of a majority stake in Allianz – Saudia Arabia is a milestone that permits us to push ahead with our regional progress ambitions. This transfer additional solidifies our place as the popular insurer for customers, one which at all times seeks new methods to guard prospects and empower the communities we serve. Trying forward, this acquisition locations us in a robust place to ship industry-leading merchandise throughout all main insurance coverage strains.”
Allianz’s international strains companies in Saudi Arabia, together with Allianz World Traders, Pacific Funding Administration Firm, Allianz Commerce, Allianz Companions and Allianz Re, will proceed to serve their shoppers within the nation.
Earlier this month, Arch Insurance coverage North America entered right into a grasp transaction settlement to purchase the US belongings of Allianz World Company & Specialty (AGCS).
The deal encompasses AGCS’ US MidCorp and leisure insurance coverage companies, in addition to choose specialty insurance coverage programmes.
