News Middle East12 Jul 2020

Oman:New board of directors of reinsurer elected for 2020-2023

12 Jul 2020

Oman Re's shareholders have elected, at the annual general meeting, a new board of directors to serve for the period of 2020-2023.

The meeting on 7 July 2020 was chaired by Dr Juma Bin Ali Al Juma with 100% attendance of the shareholders.

Dr Al Juma was elected as the chairman of the board and Sheikh Nasser Bin Ali Al Thani was elected as deputy chairman, along with the following directors:

  • Sayyid Mohamed Al Busaidy
  • Mr Talal Al Zain
  • Mr Gamal Mohamed
  • Mr Pramod Kumar Hiran
  • Mr Alaa Fares.

Dr Al Juma said that the outgoing board members had diligently contributed to Oman Re’s strategy and in strengthening its operations via vigorous holistic development over the last three years.

He added, “I also take this distinct opportunity to welcome eminent and farsighted leaders onto the Oman Re Board, who along with the existing members reflect the breadth of experience and expertise within the reinsurance business as well as in-depth understanding of best practices on corporate governance.”

Oman Re is the first reinsurance company to be established in Oman with the purpose of writing Facultative and Treaty business from local and international markets, which include all Afro-Asian countries, and it writes marine and non-marine lines of business. Oman Re was incorporated in July 2009 in Oman with a paid-up capital of OMR5m ($13m), and this was gradually increased to OMR30m.

According to the website of Oman Re, the reinsurer's shareholders are:

  • Qatar General Insurance & Reinsurance Company
  • Trust International Insurance & Reinsurance Company
  • Omar Zawawi Establishment
  • Zawawi Trading Company
  • Al Sari Trading Company
  • Ziliano Investments
  • Others (holding less than 5%).
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