Oman Insurance Company has announced that it has entered into an agreement with Istanbul-based VHV Reasürans to fully sell its operations in Turkey.
This transaction represents a continuation of Oman Insurance’s transformation strategy with the objective to focus company’s resources to specific markets and segments, a statement said.
Part of the transaction is also a commercial agreement where Oman Insurance and VHV Reasürans will seek to partner together on insuring specific risks in Turkey as well as in the UAE, it added.
Oman Insurance Company currently owns 100 percent of Dubai Sigorta that has been active in Turkey since 2008.
The company has 70 employees and distributes its products through brokers and agents and specialises in construction and liability insurance.
Jean-Louis Laurent Josi, Oman Insurance’s CEO, said: “This transaction is aligned with our strategy to focus on our core markets… I am convinced that our operations in Turkey will immensely benefit from VHV Reasürans’s expertise and will be able to accelerate their growth in the country.”
Maximilian Stahl, CEO of VHV Reasürans and board member of VHV International, added: “The operations in Turkey are part of VHV`s group strategy to diversify into carefully selected markets based on its proven competences in defined segments and to strategically build up a further stable and growing business area.
“We consider Dubai Sigorta as a perfect fit for us given its commercial and industrial focus.”
The transaction is subject to closing conditions including the receipt of regulatory approvals. Both parties agreed not to disclose financial details of the transaction.
Following this transaction, Oman Insurance Company will not own any shares in the company.
Oman Insurance Company was established in 1975 and has operations across the UAE as well as in Oman and Turkey.
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