Arabia Falcon Insurance to float shares this summer

Muscat: Arabia Falcon Insurance Company (AFIC), which was formed by the merger of Arabia Insurance Company in Oman and Falcon Insurance Company, was officially launched at a special event held at Sheraton Hotel under the patronage of Ahmed Ali Al Mamari, director general of Insurance Supervision, Capital Market Authority.
The merger was completed on March 28, 2017, with a new board elected in Muscat, and the company began operating as a single entity from April 2017, preparing for its initial public offering (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.
Addressing the gathering at the launch event, Al Mamari termed the merger as a constructive move for the insurance sector in Oman. He said mergers in the insurance sector create better and financially stronger companies.
Al Mamari added that consolidation was in line with government strategy. This would give the companies the benefit of economies of scale and help them face competition and help the customer.
“Today is a big day, today is a new beginning, today real work starts but today we are stronger together,” said AFIC chairman Maroun Kyrillos.
He also expressed gratitude to Yahya bin Said Al Jabri, chairman, CMA, Abdullah bin Salim Al Salmi, executive president, CMA, Ahmed Ali Al Mamari and others at the CMA for their positivity throughout.
Fadi Chammas, deputy chief executive officer of AFIC, highlighted that his company consolidates the strengths of two long-standing, all-line insurance companies, resulting in a successful, profitable venture.
AFIC, which is now a subsidiary of Arabia Insurance Company, one of the oldest insurance groups in the region, will benefit from its regional and local experience to provide top notch services to the Omani market.
The launch event also saw the unveiling of the logo of the newly formed company.
“This is a new chapter in Oman’s insurance industry growth story since two leading insurance companies have come together to make history. Arabia Insurance’s regional experience and Falcon Insurance's reputation in Oman offers a great opportunity to further grow and provide strength and size to meet the service needs of customers,” noted A R Srinivasan, chief executive officer of AFIC.
AFIC aims to become the insurer of choice through continued 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.