Arabia Insurance, Falcon Insurance merge to form Arabia Falcon Insurance

MUSCAT: Arabia Falcon Insurance Co (AFIC) is the new company formed by the merger of two successful, long-standing, all-line insurance companies in Oman, consolidating the strengths of both companies to grow and develop successfully and profitably. Now a subsidiary of Arabia Insurance Company, one of the oldest insurance groups in the region, AFIC will benefit from its regional and local experience to provide top notch services to the Omani market.

The merger was completed on March 28, 2017, with a new board elected in Muscat, and the company began operating as a single entity in April 2017, preparing for its IPO to be completed during the summer of 2017. Following the merger, AFIC will benefit from a wide network of branches and agencies covering all of Oman’s territory.

Commenting on the occasion, the Chairman of AFIC Maroun Kyrillos said, “Our aim is to be one of the top five leading insurance companies in the Sultanate of Oman, providing service excellence and product differentiation, where skilled Omanis can work for the development of insurance in Oman. We will deliver a complete set of products in the general and life insurance fields, always keeping in mind client satisfaction.”

AR Srinivasan, CEO, added, “The two companies are well aligned as both are profitable insurance institutions with strong community ties. We are confident that our customers, our employees and our community will be well served by the merger. We will continue to expand our footprint in Oman and expand upon our current services.”

Arabia Insurance arrived in Oman in 1971, and draws its strength from 73 years of experience in the Middle-East and GCC countries. Falcon Insurance began operating in Oman in 2005 when it acquired the Oman portfolio of Al Ittihad Al Watani. It has since developed into insuring some of the largest commercial risks and recognized names in the Sultanate.

Merging the two, AFIC aims to become the insurer of choice through its adherence to the highest principles of professionalism and integrity, effectively delivering a complete set of products and quality services, investing in Oman and its future generations, and supporting the economy while delivering insurance products and risk management solutions.