Solidarity Bahrain, one of Bahrain’s leading insurance providers and a subsidiary of Solidarity Group Holding, has announced its successful acquisition of 29 per cent of Alliance Insurance, a premier insurance company based in Dubai and listed on the Dubai Financial Market with an ‘A-’ rating for financial strength.

Alliance Insurance was established in 1975 in the UAE and provides both life and general insurance. The company is publicly listed on the Dubai Financial Market and has historically been focused on life assurance, with life business representing more than 60pc of net premiums in recent years.

This acquisition marks an important milestone in Solidarity’s ongoing efforts to expand its regional presence. As the first step into the UAE market, it underscores the company’s commitment to expanding its presence and establishing a robust foothold within the wider regional insurance market.

The acquisition received the necessary approvals from both the Central Bank of the UAE (CBUAE) and the Central Bank of Bahrain (CBB). The transaction involves the purchase of 289,850 shares in Alliance Insurance, for a total consideration of 130.4 million dirhams.

This strategic move also marks Solidarity Group’s initial foray into the UAE market, with plans to progressively increase its stake in Alliance Insurance, subject to regulatory consent.

Additionally, Solidarity Group aims to leverage its strong M&A expertise to capitalize on future consolidation opportunities within the UAE, reinforcing its position and commitment to regional growth.

Solidarity Group Holding chairman Shaikh Khalid bin Mustahil Al Mashani stated: “This strategic investment underscores our long-term vision of enhancing our regional footprint and delivering sustainable value to our stakeholders.

“By acquiring a significant stake in Alliance Insurance, we are reinforcing our market leadership while affirming our dedication to growth-focused initiatives that pave the way for future success. This move marks just the start of our broader ambitions in the UAE, and we look forward to building on this foundation to strengthen our presence further.”

Solidarity Group chief executive Ashraf Bseisu added: “We remain steadfast in our commitment to extending our corporate reach both in Bahrain and throughout the region, with an emphasis on strengthening our position in the insurance sector.

“This acquisition reflects our commitment to innovation and delivering exceptional service across the region. We are proud of this strategic step and anticipate it will open new opportunities for growth and consolidation in the sector.”