UAE: Sukoon receives regulatory approvals to acquire takaful operator

Source: Middle East Insurance Review | May 2023

Dubai-headquartered Sukoon Insurance (formerly Oman Insurance), one of the top five insurers in the UAE, has received the regulatory green light to acquire Arabian Scandinavian Insurance-Takaful (Ascana).

The UAE Central Bank and the Securities and Commodities Authority approved the acquisition. Sukoon announced in December 2022 it had signed a share purchase agreement to acquire more than 93% stake in Ascana.

Sukoon Insurance CEO Jean-Louis Laurent Josi said, “With this transaction, we aim to capitalise on Ascana’s deep expertise in the takaful market, and at the same time allow Ascana to leverage our capabilities in specialised underwriting, digital and customer experience to further enhance its outreach and value proposition.”

This is the second major local deal Sukoon has been associated with recently. Earlier, it bought out the UAE portfolio of the Italian insurer Generali. M

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