National Life and General Insurance Company SAOG (MSM:NLIF) agreed to acquire Royal & Sun Alliance Insurance (Middle East) BSC (c) from RSA Insurance Group Limited on April 4, 2022. The transaction is subject to approvals from the respective regulators and NLGIC's shareholders. The transaction has been executed in two parts: (i) purchasing 50.00002% shareholding in RSA Middle East from Sun Alliance Insurance Overseas LTD (SAIO), a fully owned entity of Royal Sun Alliance Insurance Limited; and (ii) exchanging the remaining shares of RSA Middle East, owned by reputable Saudi shareholders, with new issued NLGIC's shares, making the Saudi shareholders collectively the second largest shareholders in NLGIC after OMINVEST. The transaction is expected to complete by the end of Q3 2022. Clyde & Co L L P is acting as legal adviser to Intact Financial Corporation and RSA.

National Life and General Insurance Company SAOG (MSM:NLIF) completed the acquisition of Royal & Sun Alliance Insurance (Middle East) BSC (c) from RSA Insurance Group Limited on July 7, 2022.