Oman Insurance Company (Sukoon) has concluded a previously announced deal to acquire a 93.0432% stake in Arabian Scandinavian Insurance Company (ASCANA).

Signed in December last year, the deal was executed in the form of a special deal via Dubai Clear.

It aligns with Sukoon’s plan to diversify its business and streamline its reach in the UAE and the Gulf Cooperation Council (GCC).

The deal also enables the firm to enter the takaful insurance space.

Financial terms of the deal were not disclosed.

Sukoon also plans to submit an offer to acquire the remaining shares of DFM-listed takaful insurer ASCANA, once it gets regulatory clearance.

While announcing the acquisition in December, the company said that it will adhere to all obligations according to the regulations of the Dubai Financial Market and Securities and Commodities Authority.

Sukoon Insurance CEO Jean-Louis Laurent Josi said: “This acquisition will not only strengthen Sukoon’s ability to meet a wider range of customer needs with Shariah-compliant products, but it will also allow ASCANA to leverage Sukoon’s strong heritage, market positioning and specialised underwriting capabilities.

“The acquisition marks a new chapter in the history of Sukoon, further reinforcing our position as an insurer of choice in the UAE.”

The latest deal comes six months after Sukoon completed the purchase of the UAE Life insurance portfolio from Italy’s Assicurazioni Generali.

Sukoon bought unit-linked life insurance policies as part of the deal.

On the part of Assicurazioni Generali, it allowed the company to consolidate its business model in the UAE by strengthening its “ecosystem of partnership proposition”.