Oman Qatar Insurance Company (OQIC), a subsidiary of Doha-based Qatar Insurance Company (QIC), has explored the possibility of a potential merger with the Vision Insurance Company.
OQIC stated in a disclosure that the board of directors of OQIC advises the Capital Market Authority (CMA), Muscat Stock Exchange and investor community that it has resolved to issue a letter to the board of Vision Insurance Company inviting them to explore the possibility of a merger between Vision Insurance and OQIC.
Both companies added that they will continue to update the market on developments regarding the potential merger through additional disclosures.
The parent company of OQIC, QIC Group, is a market leader in Qatar and a major insurer in the Gulf Cooperation Council and the Middle East and North Africa (MENA) region. Vision Insurance, also listed on Muscat Stock Exchange, is engaged in the business of general and life insurance.
“QIC Group, as part of its strategy to expand the footprint in profitable direct-line insurance market within the GCC, is exploring the possibility of a merger with Vision Insurance Company through its majority-owned subsidiary OQIC,” QIC said in a disclosure to the Qatari Stock Exchange.
QIC added that it remains ‘supportive’ of a possible merger between its subsidiary OQIC and Vision Insurance Company. OQIC has been operational in the sultanate for over a decade and is one of the leading insurers in the country engaged in the business of life, medical and general insurance.