Oman: QIC's subsidiary agrees to merge with local insurer
Source: Middle East Insurance Review | Jan 2023
Qatar Insurance Company (QIC) has announced that its majority-owned subsidiary in Oman has entered into a binding merger agreement with Muscat Stock Exchange-listed insurer Vision Insurance.
In a statement lodged with the Qatar Stock Exchange, QIC said that further to its disclosure made in April 2022, its subsidiary Oman Qatar Insurance and Vision Insurance have agreed to take the necessary steps to implement a merger.
Under the merger agreement, all the assets and liabilities of Vision Insurance will be transferred to Oman Qatar Insurance. The merger is subject to approval from the relevant regulatory bodies, as well as from the respective shareholders of the two entities.
Oman Qatar Insurance was established in the sultanate in 2004 and Vision Insurance was incorporated in 2007. M