RSA Insurance Group (RSA) has acquired Al Ahlia Insurance Company SAOC for OMR19m (GBP31m) from ONIC.

Al Ahlia is an insurance company based in Oman, with gross written premiums of OMR25m (GBP40m) in 2008. The transaction is expected to create the largest insurance group in Oman by net written premium. Consideration is payable as a combination of cash and shares in the acquiring entity RSA Oman.

Paul Whittaker, CEO of Emerging Markets, said: “The acquisition of Al Ahlia creates a market leading insurer in Oman and enhances our Emerging Markets platform in the Middle East.”

RSA is a multinational quoted insurance group company. It writes business in over 130 countries and has major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East and Latin America.

The completion of the transaction is subject to shareholder and regulatory approvals.