Solidarity Bahrain, a subsidiary of Solidarity Group Holding, has completed the transfer of shares of Bahrain National Insurance Co (BNI) from the parent company.
The transaction was in accordance with the share purchase agreement signed on 18 March 2025 by Solidarity Bahrain and Solidarity Group Holding.
The deal, already approved by the Central Bank of Bahrain, is expected to reflect positively on Solidarity Bahrain’s financial results and increase the company’s returns.
The completion of the acquisition followed the successful increase of the company’s Tier 1 regulatory capital via the issuance of Non-Voting, Non-Cumulative, Perpetual Preference Shares with a total value of BHD12m ($31.8m) and the completion of the issuance of perpetual subordinated debt instruments constituting Upper Tier 2 Capital with a total value of BHD43m. The capital increase was to fund the strategic acquisition.
The merger aims to create a stronger, more diversified entity with a broader product offering, enhanced capital base, and increased operational efficiencies.