DUBAI, UAE: Oman Insurance Company has entered into an settlement with VHV Reasürans, Istanbul/Turkey, an organization of VHV Group, Hannover/Germany, to fully sell its insurance coverage operations in Turkey.
Part of this transaction is additionally a commercial settlement the place Oman Insurance and VHV Reasürans will search to partner collectively on insuring particular dangers in Turkey as well as to within the UAE.
Oman Insurance Company currently owns 100% of Dubai Sigorta A.S. that has been active in Turkey since 2008. The firm has 70 employees and distributes its merchandise through brokers and agents.
Dubai Sigorta is a Commercial Underwriting firm that specializes in Construction and Liability insurance, rating amongst the highest 5 insurers in Turkey in these respective areas. Gross revenues for the corporate amounted to TL 298 million in 2020.
Jean-Louis Laurent Josi, Oman Insurance’s CEO, said, “This transaction is aligned with our technique to focus on our core markets. VHV Reasürans being an organization of 1 of many most important insurers in Germany and the chief within the development sector in Europe, I am satisfied that our operations in Turkey will immensely profit from VHV Reasürans’s expertise and can be able to speed up their growth within the country.
I am additionally thrilled that each our firms will cooperate sooner or later to insure particular dangers together, each in Turkey and within the UAE. I would like to thank all of the employees of Dubai Sigorta for his or her hard work and professionalism within the previous years and want them a nice new journey with VHV Reasürans.”
Maximilian Stahl, CEO of VHV Reasürans and Board member of VHV International, said, “The operations in Turkey are a half of VHV`s group technique to diversify into carefully chosen markets based on its confirmed competences in outlined segments and to strategically construct up a additional stable and rising enterprise area.
Having collected significant expertise within the Turkish market over the final decade, we want to expand our operations to primary insurance coverage along with our reinsurance activities. We consider Dubai Sigorta as an ideal match for us given its commercial and industrial focus.
This transaction will assist VHV to develop by two separate entities: one as a regional reinsurer and the opposite as a native primary insurer. Dubai Sigorta is regarded as a extremely competent and skilled participant within the Turkish construction industry, which makes Dubai Sigorta an excellent strategic match for VHV Reasürans and VHV Group.”
The transaction is topic to closing conditions collectively with the receipt of regulatory approvals. Both events agreed to not disclose monetary particulars of the transaction. Following this transaction, Oman Insurance Company will not personal any shares within the company.
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