Oman: Merged entity Arabia Falcon Insurance starts ops
Source: Middle East Insurance Review | Jun 2017
Arabia Insurance in Oman and Falcon Insurance have merged to form a new entity – Arabia Falcon Insurance Company (AFIC), consolidating the strengths of the two former insurers.
As a subsidiary of Arabia Insurance Company, one of the oldest insurance groups in the region, AFIC will benefit from the group’s regional and local experience to provide top-notch services to the Omani market, said a statement from the company.
The merger was completed in late March, and the company began operating as a single entity in April. AFIC is now preparing for its initial public offering (IPO) to be completed this summer.
Following the merger, AFIC will benefit from a wide network of branches and agencies covering all of Oman’s territory.
Mr Maroun Kyrillos, Chairman of AFIC, said: “Our aim is to be one of the top-five leading insurance companies in the Sultanate, providing service excellence and product differentiation, where skilled Omanis can work for the development of insurance in Oman. We will deliver a complete set of products in the general and life insurance fields, always keeping in mind client satisfaction.”
AFIC CEO A R Srinivasan, said: “The two companies are well-aligned as both are profitable insurance institutions with strong community ties. We are confident that our customers, employees and community will be well-served by the merger. We will continue to expand our footprint in Oman and expand upon our current services.”
Lebanon-headquartered Arabia Insurance arrived in Oman in 1971 and draws its strength from 73 years of experience in the Middle East and GCC countries.
Falcon Insurance began operating in Oman in 2005 when it acquired the Oman portfolio of Al Ittihad Al Watani. It has since developed into insuring some of the largest commercial risks and recognised names in the Sultanate. M