Solidarity Bahrain acquires stake in Alliance Insurance

November 20, 2024

Solidarity Bahrain has acquired a 28.985% stake in Alliance Insurance, a Dubai-based composite insurer, for 130 432 500 AED (35 506 726 USD).

The transaction was carried out in two phases:

on 11 November 2024, the Bahraini insurer acquired 250 000 Alliance Insurance shares, representing a 25% stake, valued at 450 AED (122.5 USD) each
on 14 November 2024, Solidarity acquired an additional 39 850 shares (3.985%) in the capital of the Emirati insurance company, for 450 AED (122.5 USD) each.

The transaction was approved by the Central Bank of the United Arab Emirates and the Central Bank of Bahrain (CBB).

Read also | Bahrain National Holding to sell its insurance subsidiaries to Solidarity

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