The parent company of Bermuda-based reinsurer Qatar Re is preparing to list one of its other subsidiaries on the Muscat Securities Market, the stock exchange in Oman.
Qatar Insurance Company (QIC) has announced it plans to list subsidiary Oman Qatar Insurance (OQIC) shortly. The move has been prompted by a Royal Decree stipulating that non-listed national insurers are required to offer at least 25 per cent of their share capital to the public through initial public offerings (IPOs).
Established in 2004, OQIC provides life and general insurance cover in Oman. The company also serves as a link for providing insurance services across the Gulf Cooperation Council (GCC) and helps connect overseas insurance interests through its global network.
As well as Qatar Re, QIC also owns Lloyd's managing agent Antares, which it acquired in 2014.
Khalaf Ahmed Al Mannai, chairman of OQIC, commented: "OQIC fully enjoys the strength and stability of QIC, a company that has evolved from domestic insurer in Qatar to a well-regarded global composite insurance group. With its strong track record and promising future, OQIC is regarded as one of Oman’s leading insurers."
Navin Kumar, chief executive officer of OQIC, added: "The IPO of OQIC reflects our vision and commitment to Oman, enabling us to build a platform to deliver a range of benefits. It will help us generate employment and develop highly sought after skill-sets among Omani nationals; support Omani companies with highly competitive and innovative insurance solutions; bring global best practices to Oman by leveraging the human capital and knowledge base of its parent, QIC and introduce cutting edge technologies and digital solutions to customers in Oman and significantly enhance the insurance value proposition. Besides, the IPO also gives investors the prospect of sharing in the growth journey of OQIC, and leverage our regional leadership position."
Oman Qatar Insurance, Qatar Insurance Company, IPO, Shares, Muscat Securities Market, EMEA