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Jun 2019

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Oman: Reinsurer to convert to public joint stock company

Source: Middle East Insurance Review | May 2019

National reinsurer, Oman Reinsurance, has decided to convert from a closed joint stock company to a public joint stock company.
 
The resolution, passed at an extraordinary general meeting in late March, also changed the nominal value of the shares of the company to 100 baisas per share instead of OMR1 ($2.60) per share.
 
Currently, the share capital of the company is OMR30m and major shareholders of the company include: Trust International Insurance & Reinsurance Company (29.97%), Qatar General Insurance & Reinsurance (24.58%), Omar Zawawi Establishment (15.50%) and Ziliano Cyprus (5%).
 
Oman Re posted a net profit of OMR660,600 for 2018, representing an increase of 588.1% over the OMR96,000 in 2017. GWP reached OMR22.4m in 2018, an 80.6% increase compared to 2017’s OMR12.4m.
 
Oman Re was incorporated in 2009 with a paid-up capital of OMR5m. The capital was gradually increased to OMR30m over the years. M 
 
OMR1 = $2.60
 
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