September 26, 2022
A team of C-suite leaders has been appointed to lead NLGIC and RSA Middle East businesses (NLGIC Group) following the recent purchase of RSA Middle East BSC (c) by National Life & General Insurance Company SAOG (NLGIC), a flagship insurance subsidiary of Oman International Development and Investment Company SAOG (OMINVEST).
The new leadership team, which oversees the NLGIC Group companies – National Life & General Insurance Company SAOG (NLGIC), RSA Middle East BSC (c) (RSA Middle East), Al Ahlia Insurance Co. SAOG (Al Ahlia), Al Alamiya for Cooperative Insurance Co. (Al Alamiya), NLGIC Support Services Private Limited (NSSPL), and Inayah TPA LLC, – comprises seasoned industry professionals with extensive local and global knowledge. The central focus for the leadership team is to drive the shared vision of two dynamic and award-winning companies as they come together to build the region’s leading multi-line insurer.
Martin Rueegg, Regional CEO of RSA Middle East, has been appointed Group CEO of NLGIC Group. As NLGIC and RSA Middle East’s operations are brought under one umbrella, Martin will direct and lead the business’ operations across key GCC markets, including Sultanate of Oman, Kingdom of Saudi Arabia, the United Arab Emirates, State of Kuwait and Kingdom of Bahrain.
“We are very pleased to have Martin on board. He brings close to 30 years of robust international experience in the insurance industry, along with a wealth of strategic insight, visionary thinking, and entrepreneurial spirit that we know will advance the company’s business and growth in this region,” said Khalid Muhammad Al Zubair, Chairman of OMINVEST and NLGIC.
Before joining RSA Middle East, Martin had previously held multiple C-suite positions in Europe as well as in mature and emerging Asian markets for more than 20 years. His trademark throughout his career has been to successfully transform businesses into market leaders in their segments and regions by building strong relationships and networks and leveraging new technologies to gain scale effectively and efficiently.
S Venkatachalam, CEO of NLGIC, has been named Regional CEO of Health, Life and Supply Chain for the NLGIC Group. In this newly created role, he will help expand the product line across the region and drive long-term business strategies and initiatives to maximize the growth and profitability of the insurance business in the Middle East.
“S Venkatachalam has played a crucial role in NLGIC’s growth as CEO since 2003, positioning the company as the leading insurance entity in Oman today,” said Khalid Muhammad Al Zubair, Chairman of OMINVEST and NLGIC. He added “He has built an extensive and diverse network across the region and is widely recognised as a proven leader in building superior health and life portfolios, which have been the backbone of our strategic development.”
Dr Dhafir Awadh Al Shanfari has been appointed Group Chief Operating Officer for the NLGIC Group, leading the functional governance and operational practices and working closely with the group CEO and regional leadership team to drive the strategic and operational plan that supports the company’s vision and goals. Dr Dhafir held various leadership positions in the public sector, including CEO of Omani Authority of Partnership for Development and CEO of the Public Authority for Privatization and Partnership, as well as being a key member of several reputable councils and committees in Sultanate of Oman.
“We are delighted to have Dr Dhafir Awadh Al Shanfari oversee supporting functions and work closely with management in strategic initiatives during this important period,” said Khalid Muhammad Al Zubair, Chairman of OMINVEST and NLGIC. He added “With his well-rounded academic excellence and solid Executive leadership experience in various sectors, we are confident that he will add tremendous value to the group.”
Furthermore, the board of Al Ahlia Insurance – RSA Middle East’s subsidiary in Oman – has announced that Hanaa Fahad Al Hinai, currently Deputy CEO for UAE and Bahrain at RSA Middle East, has been appointed CEO of Al Ahlia Insurance, with a particular focus on growing the business in line with the company’s purpose, values and strategic priorities.
“Throughout her career, Hanaa has supported and driven business growth for companies in Australia and the Region. Her insights and experience in the financial sector, including insurance, digital transformation, product development, marketing, and customer experience, will be invaluable to our next chapter, and we are proud to have her lead our Oman business,” said Sheikh Khalid Abdullah Al Khalili, Chairman of Al Ahlia Insurance.
Hanaa will take over from Praveen Kumar, who has served as CEO of Al Ahlia Insurance for 3 years, and in other senior posts for a combined total of 15 years, advancing Al Ahlia’s strategic goals, and making it one of the leading insurance players in Oman.
With NLGIC Group undergoing an integration period of its operations, management, branding, products, governance and incentive structures of its businesses, the leadership appointments are a significant move in the region’s insurance market, with the group offering a broad suite of digitally-enabled and customizable solutions across all lines of insurance, underpinned by exceptional service. Furthermore, this will pave the way for developing a highly-diversified portfolio including health and life products for both individual and corporate customers, drive strategic growth and build region’s leading multi-line insurance group.