Lebanon: Nasco Insurance Group acquires majority stake in insurer

Source: Middle East Insurance Review | Mar 2017

Nasco Insurance Group has acquired a 93.9% stake in Lebanese insurer Al Ittihad al Watani (L’Union Nationale) for US$17.5 million.

Following the acquisition, Nasco covered accumulated losses of $10 million at L’Union Nationale, according to a report in Lebanon This Week compiled by Byblos Bank.

The deal, which took place last December, is part of the group’s plan to consolidate its underwriting activity in the UAE, given L’Union Nationale’s operations in Abu Dhabi.

Founded in 1961, Nasco Insurance Group started off as an insurance broker. At present, it owns Bankers Assurance, the fourth-largest insurer by premiums in Lebanon. It is also active in underwriting, insurance and reinsurance brokerage, as well as third-party medical administration across the MENA region, Africa and France through 21 companies.

The group’s premiums currently exceed $1.5 billion.

Nasco indicated that L’Union Nationale would operate independently from Bankers Assurance.

Established in 1947, L’Union Nationale is active in the non-life and life sectors in Lebanon and started operations in the UAE in July 2011.

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