Speaking at the launch event, Mamari termed the merger as a constructive move for the insurance sector in Oman. He noted that mergers in the insurance sector create better and financially stronger companies.
Mamari added that consolidation was in line with government’s strategy. This would give the companies the benefit of economies of scale and help them face competition and help the customers.
“Together we are stronger”, Maroun Kyrillos, chairman of AFIC, said. He expressed gratitude to H E Yahya al Jabri, chairman of CMA, H E Abdullah al Salmi, executive president of CMA and other CMA officials for their positivity throughout the merger process.
“Without your encouragement, guidance and support, we could not have done it (merger),” Kyrillos said while expressing gratitude to the CMA officials.
He thanked the chairman of Arabia Insurance, Wahbe Tamari for his vision and moral support as well as Arabia Insurance’s main partner Al Anwar Holdings for their trust.
Deputy CEO of AFIC, Fadi Chammas highlighted that AFIC consolidates the strengths of two long-standing and all-line insurance companies, resulting in a successful, profitable venture.
AFIC, which is now a subsidiary of Arabia Insurance Co, 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.
A R Srinivasan, CEO of AIFC, said, “This is a new chapter in Omani insurance industry’s 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.”
The merger was completed on March 28, 2017. With a new board elected in Muscat the company began operating as a single entity in April 2017. AFIC is 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.