Oman Qatar Insurance Co (OQIC), a leading insurance company in the Sultanate, plans to float 25 million shares through an initial public offering on the Muscat Securities Market shortly to comply with the regulatory requirements.
The company’s board met on August 3 to announce its intention to launch the share offer.
A Royal Decree stipulated non-listed national insurers are required to offer at least 25 per cent of their share capital to the public through IPOs. U-Capital is the financial advisor and issue manager for the transaction.
Established in 2004, OQIC is a subsidiary of the Qatar Insurance Company (QIC) and provides life and general insurance cover in Oman. The company operates through five retail branches and digital channels. OQIC believes in delivering innovative retail solutions for home, travel and car insurance to every segment of its customer base. The company also serves as a link for providing insurance services across the Gulf Cooperation Council (GCC) and helps connect overseas insurance interests through its global network.
OQIC’s parent, QIC, is a publicly-listed composite insurer, with a consistent performance history of over 50 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and Mena (Middle East and North Africa) regions.
The group owns Qatar Re; a Bermuda-based global reinsurer, which was ranked as the 35th largest reinsurance company in the world by AM Best in 2016. In 2014, QIC acquired Antares, a leading integrated insurance and reinsurance vehicle in Lloyd’s market in the United Kingdom.
In terms of profitability and market capitalisation, QIC is the largest insurance company in the Mena region. It is listed on the Qatar Stock Exchange and has a market capitalisation of over $5 billion.
OQIC is supported by the QIC Group’s treaty facilities with “A” rated reinsurers from international markets. At the same time, OQIC’s local shareholder, Al Hosn Investment SAOC, a leading business house in the Sultanate, has rendered continuous support and guidance.
“To underscore our commitment to adhering to the Royal Decree, OQIC is announcing the launch of its IPO on the Muscat Securities Market. OQIC fully enjoys the strength and stability of QIC, a company that has evolved from domestic insurer in Qatar to a well-regarded global composite insurance group. With its strong track record and promising future, OQIC is regarded as one of Oman’s leading insurers,” said Khalaf Ahmed Al Mannai, chairman of OQIC.
“The IPO of OQIC reflects our vision and commitment to Oman, enabling us to build a platform to deliver a range of benefits. It will help us generate employment and develop highly sought after skill-sets among Omani nationals; support Omani companies with highly competitive and innovative insurance solutions; bring global best practices to Oman by leveraging the human capital and knowledge base of its parent, QIC and introduce cutting edge technologies and digital solutions to customers in Oman and significantly enhance the insurance value proposition. Besides, the IPO also gives investors the prospect of sharing in the growth journey of OQIC, and leverage our regional leadership position.”
“OQIC has been built on the core pillars of security, stability and strength, which are reflected in everything we do,” said Navin Kumar, chief executive officer of OQIC.