Arabia Falcon Insurance plans initial public offering on the Muscat bourse

MUSCAT: The merger between Arabian Insurance and Falcon Insurance has been completed and the new entity is called Arabia Falcon Insurance Co. (AFIC).

The new firm is consolidating the strengths of both companiesto 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 in the Omani market.

The merger was completed on March 28 this year, with a new board elected in Muscat, and the company began operating as a single entity in April, preparing for its IPO (Initial Public Offering) 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.

“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 cli- ent satisfaction,” said Maroun Kyrillos, chairman of AFIC.

“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,” added A R Srinivasan, chief executive officer of AFIC.

Arabia Insurance arrived in Oman in 1971, and draws its strength from73 years of experience in the Middle-East and GCC (Gulf Cooperation Council) coun- tries. 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 recognised names in the Sultanate.

Merging the latter 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.