Oman Insurance Company announced it has completed the sale of its insurance operations in Turkey to VHV Reasürans, Istanbul/Turkey, a company of VHV Group, Hannover/Germany.
The size of the financial transaction was not disclosed.
This transaction represents a continuation of Oman Insurance’s transformation and simplification strategy with the objective to focus company’s resources on specific markets and segments.
Jean-Louis Laurent Josi, CEO of Oman Insurance Company commented on the occasion, “With this transaction, we have reinforced our focus and commitment to serving our core markets. Since 2012, we have supported Dubai Sigorta with building strong underwriting and service capabilities, benefitting from Oman Insurance’s extensive product and brand depth. VHV Group being one of the most important insurers and the leader in the construction sector in Germany, I am also thrilled that, following this transaction, both our firms will cooperate in the future to insure specific risks together, both in Turkey and in the UAE. I also would like to congratulate all the employees of Dubai Sigorta for what they have achieved and thank them for their hard work and dedication over the years.”
Also published on Medium.