Dubai-based Sukoon Insurance said it acquired UAE life insurance portfolio of Chubb Tempest Reinsurance on Tuesday, based on Zawya News report. The report mentioned the acquisition includes unit-linked life insurance and production policies as part of Sukoon’s strategy to boost its position in the market.
Chubb Tempest Reinsurance focuses on specialized solutions for multifaceted risks.
In late August, Sukoon signed an agreement to proceed with the deal. However, the company said the deal is subject to regulatory approvals, based on the report. Sukoon also said in a statement, the policies of existing customers of Chubb Tempest will not be affected by the acquisition.
Earlier this year, Sukoon completed the acquisition of 93% of the share capital of Arabian Scandinavian Insurance Co P.S.C. (ASCANA) by way of special deal through Dubai Clear. The deal was based on an objective to diversify its sources of business and consolidate its presence in the UAE and GCC.
Emmanuel Deschamps, member of the executive committee and head of individual life and workplace saving at Sukoon said, the deal is in line with the company’s strategy to “accelerate” portfolio expansion, added the report.
