Bahrain - Solidarity Bahrain and Bahrain National Holding Company (BNH) have announced the signing of definitive sale and purchase agreements in relation to the acquisition by Solidarity Bahrain of 100 per cent of the issued share capital of subsidiaries wholly owned by BNH which are: Bahrain National Insurance (BNI) and Bahrain National Life Assurance (BNL) for a total purchase price of BD75 million in cash.

The agreements were signed at Solidarity Bahrain’s headquarters in Seef District, on Thursday, in the presence of both parties’ representatives.

The completion of the transaction is subject to the customary shareholder and regulatory approvals, including the approval of the Central Bank of Bahrain.

Solidarity Bahrain chairman Shaikh Khalid bin Mustahil Al Mashani said: “We are pleased to announce the signing of agreements for one of the most transformative transactions in Solidarity Bahrain’s journey, reinforcing our position as the market leader in the kingdom’s insurance sector.

“This milestone represents a significant step towards expanding our market share, enhancing operational scale, and delivering greater efficiency and value to our customers.

“By integrating the expertise and resources of BNI and BNL, we aim to build a stronger, customer-focused organisation capable of addressing the diverse needs of the market. We are confident that this transaction will create substantial benefits for our shareholders and customers alike once finalised,” he added.

BNH chairman Abdulhusain Khalil Dewani said: “This achievement is the result of months of dedicated effort and collaboration among all parties involved. These efforts were instrumental in bringing us to this milestone. BNI and BNL will be well-placed to continue to grow under Solidarity’s ownership, and this transaction builds on our legacy and provides us with opportunities to deliver sustainable value for our shareholders.”

Solidarity Group Holding group chief executive Ashraf Bseisu said: “This transaction is a key step in the group’s flagship subsidiary, Solidarity Bahrain’s strategic journey to position itself as a driving force in the marketplace. By bringing BNI and BNL into the Solidarity family, we will leverage their specialised expertise and established market presence to complement our existing strengths.

“Once completed, this acquisition is expected to nearly double our current scale in Bahrain, with a combined annual gross written premium projected to exceed BD100m. This turning point will enable us to deliver even greater value and service excellence to our clients, further solidifying our position as Bahrain’s premier insurance provider.”

BNH Group chief executive Raed Fakhri commented: “Today’s milestone is a testament to the dedication and collaboration of the teams involved. This transaction is one of the most significant in Bahrain’s insurance sector and sets a new benchmark for the industry.

“For BNH, this transaction gives us an opportunity to strategically restructure our capital and enhance our liquidity position to provide the flexibility needed to capture future opportunities. We aim to generate sustainable returns to our shareholders over the long term.”

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