Solidarity Group’s acquisition of Bahrain National Insurance and Bahrain National Life marks its fourth M&A deal in Bahrain, strengthening its market leadership as the Group completes integration this year. Solidarity Group Holding’s Mr Ashraf Bseisu lifts the curtain on what will follow next for the enlarged group.
Solidarity Group acquired Bahrain National Insurance (BNI) and Bahrain National Life (BNL), marking its fourth acquisition in Bahrain and reinforcing its strategic focus on regional expansion. BNI operates in general insurance, while BNL focuses on life insurance.
The acquisitions were initiated as part of a major consolidation move in Bahrain’s insurance sector.
Solidarity Bahrain, which is listed on the Bahrain Bourse and a key subsidiary of Solidarity Group Holding, completed the acquisition of BNL on 16 April 2025. This was followed by the full integration of BNI and BNL into Solidarity Bahrain on 22 February. “The newly unified company combines the strengths of three established brands into one cohesive operation, delivering enhanced scale, superior operational efficiency, and a significantly broadened customer base,” said Solidarity Bahrain in a stock exchange announcement.
Prior to this merger, Solidarity Bahrain acquired Al Ahlia Insurance in 2017, T’azur in 2019–2020 and Al Hilal Life and Al Hilal Takaful in 2022.
Overall, the Group has completed nine or 10 M&A transactions, spanning markets including Malaysia, Egypt, Saudi Arabia and Jordan.
Even as Solidarity continues to pursue organic growth across its markets, the Group views acquisitions as a critical driver of scale—particularly in Bahrain, where insurance is fundamentally a scale business. Solidarity Group Holding’s Group CEO Mr Ashraf Bseisu said in an interview with Middle East Insurance Review.
Rationale
He said the rationale behind acquiring BNI and BNL was to expand Solidarity’s footprint and accelerate its progression to the next phase of growth.
Both BNI and BNL are among the oldest and largest insurers in Bahrain, ranking within the top three in their respective arena of operations, making them clear strategic targets.
The transaction was executed smoothly and in line with the Group’s disciplined approach to expansion, Mr Bseisu said.
“Given that insurance is fundamentally a scale-driven business, this transaction aligns with the Group’s strategy of combining organic and inorganic growth to achieve stronger financial metrics, including return on equity, return on investment and internal rate of return,” he said.
Beyond scale, he said Solidarity also places strong emphasis on stakeholder value.
“With the combined scale of Solidarity Bahrain, BNI and BNL, the enlarged entity has the resources and capabilities to better serve its customer base and sustain its growth journey. This includes ongoing investments in digital transformation, operational agility and enhanced customer experience,” he said.
Mr Bseisu also mentioned that while Bahrain is a relatively small market compared to its regional peers, Solidarity has a clear regional growth strategy as it will not rest on the laurels that it has amassed.
“Solidarity views Bahrain as a base from which to build a regional insurance platform. The Group is actively looking to scale up its operations in Kuwait and the UAE, while also evaluating additional regional opportunities.”
This strategy also underpins Solidarity’s focus on strengthening its operational and technical capabilities. The long-term vision is for Solidarity Bahrain to evolve into a Bahrain-based regional insurance player serving the wider GCC market, he said.
Rebranding
Mr Bseisu said 2026 will be a pivotal one for Solidarity, marking the completion of the integration and merger of BNI, BNL and Solidarity Bahrain.
The Group made it a priority to ensure a smooth conclusion to the integration process.
Alongside the merger, Solidarity plans to roll out an updated brand for the enlarged entity. This will go beyond a visual rebrand, encompassing a broader internal transformation that includes corporate culture and stronger business conduct standards.
Growth priorities
“Completing the integration and elevating the company to its next phase of growth are the Group’s core objectives for 2026. At the same time, Solidarity will continue to pursue M&A opportunities, both in Bahrain and across the region. Key priorities include increasing its stake in a Dubai-based insurer and exploring expansion opportunities in other regional markets,” he said.
He did not name the UAE insurer. However, the Group announced in 2024 that it had purchased a 29% stake in Alliance Insurance, a UAE insurance company listed on the Dubai Financial Market.
Innovation and digital roadmap
Expansion aside, Mr Bseisu said the Group has made a deliberate strategic decision to focus on disruption, innovation and digitalisation, a move supported by a forward-looking board and management team.
“Our early investment in technology proved critical during the COVID-19 pandemic, because Solidarity already had online, omnichannel and digital platforms largely in place. We are also the first insurer in Bahrain to launch a video-based insurance service, which was rolled out immediately following lockdowns and movement restrictions during the pandemic,” he said.
Since then, Solidarity Bahrain has continued to accelerate its digital agenda. The Group has been investing heavily in data analytics, big data and artificial intelligence. Most recently, Solidarity became the first insurer in Bahrain to offer a fully end-to-end digital motor insurance journey, covering underwriting, policy issuance and claims.
He said the integration of BNI and BNL is expected to further support this momentum by expanding Solidarity’s corporate and retail customer base.
The Group has also developed a strong bancassurance platform with its parent and largest shareholder, Salaam Bank, which it plans to further leverage post-integration.
On the product and underwriting side, Mr Bseisu said that Solidarity is using digital tools to move towards more accurate, individualised risk assessment.
“Initiatives such as Solidarity Drive use telematics and AI to analyse driving behaviour, enabling more scientific underwriting that focusses on the driver rather than the vehicle. Similar technology-driven models are being developed for medical insurance, with new rollouts planned this year,” he said.
Speaking of products, he said that Solidarity plans to expand its range of individual life and unit-linked products across Bahrain and the other markets in which it operates.
“The Group believes that life insurance — including family takaful — remains significantly underpenetrated in the region, offering substantial long-term growth potential,” he said.
Opportunities and challenges
Bahrain remains a promising but relatively small insurance market and is increasingly ripe for consolidation.
While Solidarity has been at the forefront of this consolidation, one of the key challenges facing the market is achieving sustainable organic growth.
To maintain momentum, Mr Bseisu said insurers will need to innovate continually, particularly as regulatory and operational demands increase.
“The regulatory environment is evolving rapidly, with changes in accounting and reporting standards, including the recent transition to IFRS17, adding complexity and cost for insurers. These pressures underscore the importance of scale, which enables insurers to absorb regulatory and operational challenges more effectively,” he said.
Against this backdrop, he said Solidarity remains optimistic about its positioning in the Bahraini market and believes that further consolidation may be warranted, given the number of players relative to the market’s size. M