Global law firm Clyde & Co has advised RSA Insurance Group Ltd (RSA), a wholly owned subsidiary of Intact Financial Corporation (IFC.TO), in connection with its divestment in RSA Middle East B.S.C.(c) (RSA Middle East) to National Life & General Insurance Company, majority-owned by Oman International Development and Investment Co. SAOG (OMINVEST).
The transaction follows the acquisition of RSA Middle East by IFC.TO in June 2021, and a subsequent strategic review of operations by the RSA Board and IFC.TO. The transaction is subject to regulatory approvals and is expected to complete by the end of Q3 2022.
Clyde & Co acted as sole external legal counsel to RSA and IFC.TO on various aspects of the transaction, including negotiating the transaction documents and regulatory advice, and will be advising through to completion.
The Clyde & Co team was led by Partner Peter Hodgins and Legal Director Roshanak Bassiri Gharb, with support from Associate Nasteho Muse.
Peter comments: “We are delighted to have worked alongside the in-house teams of RSA and IFC.TO on this strategic transaction. Acting as sole external legal counsel, our effective collaboration and unrivalled insurance sector experience enabled us to reach a successful outcome within a particularly short timeframe.”
RSA Middle East, a leading provider of property and casualty insurance in the Middle East has operated in the region for 70 years and offers solutions for both commercial and retail clients.
Clyde & Co has a top tier corporate/M&A team in the Middle East and is one of the few law firms in the region with a dedicated insurance team capable of creating and executing insurance deals. Clyde & Co is the world's pre-eminent insurance law firm, providing the highest quality advisory and dispute resolution services to insurers and their clients operating in both established and emerging markets.
Clyde & Co has the largest presence and is one of most experienced international law firms in the Middle East with over 40 partners and 300 staff, based full time in Abu Dhabi and Dubai in the UAE, Doha in Qatar, and Riyadh in Saudi Arabia. The firm supports international and local organisations throughout the wider region with a full-service offering of local specialists across most business sectors and areas of law, including commercial, corporate, dispute resolution, employment, intellectual property, international arbitration, finance & banking, insurance, projects & construction, real estate, regulatory & investigations, and technology.