Dubai-headquartered Oman Insurance Company has completed the sale of its insurance business in Turkey to Istanbul-based reinsurance firm VHV Reasürans, a subsidiary of Germany's VHV Group.
The deal is part of the Dubai-based company's strategy to focus on "core markets", according to a statement on the Dubai Financial Market (DFM) on Friday.
Jean-Louis Laurent Josi, chief executive of Oman Insurance Company, said: "With this transaction, we have reinforced our focus and commitment to serving our core markets. Both our firms will cooperate in the future to insure specific risks together, both in Turkey and in the UAE."
Oman Insurance had entered into an agreement with VHV Reasürans last March to divest 100% of its shares in Dubai Sigorta, which has been operating in Turkey since 2008.
"Following this transaction, Oman Insurance Company does not own any shares in Dubai Sigorta," the statement said.
Oman Insurance Company is a composite insurance company headquartered in Dubai, UAE that sells insurance for individuals and businesses in UAE, Oman and Turkey.
Established in 1975 with majority ownership by Mashreq Bank, Oman Insurance Company is one of the largest publicly listed insurers in the country.
