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.
The company’s board met on 3 August to announce its intention to launch the share offer, reported Times of Oman. The move is made to comply with the insurance law which stipulates that privately held locally incorporated insurers are to offer at least 25% of their share capital to the public through IPOs by this month.
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. It also serves as a link providing insurance services across the 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.
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, a leading business house in the Sultanate, has rendered continuous support and guidance.
Other local insurers which have carried out or are floating theirs shares include Al Ahlia Insurance and Vision Insurance. The subscription period for the shares of Al Ahlia Insurance closed last Wednesday while that for Vision Insurance will close today.