Sukoon to acquire Chubb Tempest Life Reinsurance's life portfolio in the United Arab Emirates

Sukoon, formerly known as Oman Insurance Company, has acquired Chubb Tempest Life Reinsurance's life insurance portfolio in the United Arab Emirates.

The business transfer applies to unit-linked life insurance and protection contracts. The financial details of the transaction were not revealed.

Pending regulatory approval, the transaction comes in the wake of an agreement signed between the two companies in August 2023.

The terms and conditions of the customers' policies will remain the same.

This initiative is in line with Sukoon's strategy to become a regional benchmark in life insurance.