Issue Date: 20 December 2022
Oman Qatar Insurance (OQIC) disclosed on MSX on 27 April 2022 that the company is exploring an opportunity for a possible merger with Vision Insurance (VSIN). The Board will keep the market updated on the progress of this merger, which will be further subject to necessary board, shareholders, and regulatory approvals, besides the applicability of the laws in the Sultanate of Oman.
The final structure of the merger is unknown as of now.
If the two companies go ahead with the merger, then the combined entity is expected to surpass Al Madina Takaful Insurance, with combined GWP of OMR 49.0mn (as of FY21), to become the third-largest insurance company in Oman, in terms of GWP.