Qatar Insurance Company Q.S.P.C. (QIC) is a market leader in Qatar and a dominant insurer in the GCC and MENA region. QIC Group, as part of its strategy to expand the footprint in profitable direct-line Insurance Market within GCC, is exploring the possibility of a merger with Vision Insurance SAOG through its majority owned subsidiary, Oman Qatar Insurance Co. SAOG.
Oman Qatar Insurance Co. SAOG, listed on Muscat Stock Exchange, has been operational in Oman for over a decade and is one of the leading insurers in Oman engaged in the business of Life, Medical and General Insurance.
Vision Insurance SAOG, listed on Muscat Stock Exchange, is engaged in the business of general and life insurance.
The Board of Directors (the “Board”) of Oman Qatar Insurance Co. SAOG has advised the Capital Market Authority, the Muscat Stock Exchange and the investor community that their Board has resolved to issue a letter to the board of directors of Vision Insurance SAOG (“Vision Insurance”) inviting them to explore the possibility of a merger between Vision Insurance SAOG and Oman Qatar Insurance Company SAOG.
Qatar Insurance Company Q.S.P.C. remains supportive of possible merger between its subsidiary Oman Qatar Insurance Co. SAOG and Vision insurance SAOG subject to approvals from their respective boards, shareholders and stakeholders, satisfactory due diligence, as well as requisite regulatory approvals and signing of legally binding agreements.
Qatar Insurance Company Q.S.P.C. will keep the market apprised of developments concerning the potential merger through further disclosures.