Oman Insurance Company has announced that it is in the process of buying a further 49% stake in its subsidiary Dubai Starr Sigorta, an insurance company based in Istanbul which writes non-life insurance business.
The UAE company, in a statement lodged with the Dubai Financial Market, said that it had accordingly signed a sale and purchase agreement. This remains subject to regulatory approval.
Oman Insurance already owns 51% of the Turkish insurer.
Dubai Starr Sigorta, then known as Dubai Group Sigorta, was registered in 2008. In 2012, the Dubai Group sold 49% of it to Starr Insurance and Reinsurance and 51% to Oman Insurance.
Established in 1975, Oman Insurance is one of the leading insurance providers in the Middle East. It has operations across the UAE as well as in Oman and subsidiary Dubai Starr Sigorta in Turkey.