Omani firm Al Ahlia Insurance Company was recently bought by Britain's RSA Insurance Group for 31 million pounds ($48.5 million) from Oman National Investment Corp, with the motive of enhancing its budding markets platform.

Wednesday saw RSA, best known in Britain for its More Than car and home insurance business, specifying that the consideration was payable through a combination of cash and shares in the acquiring entity, RSA Oman.

The deal which is subject to shareholder and regulatory approvals would make the greatest insurance group in Oman by net written premium. Al Ahlia has gross written premiums of 40 million pounds.