Qatar Insurance Company unit eyes IPO on Muscat Securities Market

Oman Qatar Insurance (OQIC), a subsidiary of the Qatar Insurance Company (QIC), has announced its plans to float 25 million shares through an initial public offering on the Muscat Securities Market shortly.

Established in 2004, OQIC provides life and general insurance cover in Oman. It 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.

According to the statement, a Royal Decree stipulated 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).

"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," said Khalaf Ahmed Al Mannai, chairman of OQIC.

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."

Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

Today’s stories

Retail and industrial lines prompt Hannover Re parent to raise 2017 outlook

Brit taps XL Catlin exec to launch professional lines portfolio in US

MGA Crop Pro Insurance receives US regulatory approval

Fidelis replaces former CFO McConachie with Mathias on its board

Spinnaker picks TigerRisk roll-up tool to structure reinsurance portfolio

Don't miss our insurtech email newsletter - sign up today