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Oman Insurance will continue to have a close alliance with VHV Group after the sale of its Dubai Sigorta operations in Turkey. Image Credit: Virendra Saklani/Gulf News

Dubai: Dubai-based Oman Insurance Co., one of the UAE’s biggest insurers, has sold its operations in Turkey to VHV Reasürans, part of the VHV Group in Germany. The deal comes as OIC shifts its focus to operating only in ‘specific markets and segments’. The value of the deal with VHV has not been disclosed.

OIC’s Turkey operations were launched in 2012 as ‘Dubai Sigorta’. “With this transaction, we have reinforced our focus and commitment to serving our core markets,” said Jean-Louis Laurent Josi, CEO of Oman Insurance Company.

“Since 2012, we have supported Dubai Sigorta with building strong underwriting and service capabilities, benefitting from Oman Insurance’s extensive product and brand depth. VHV Group being one of the most important insurers and the leader in the construction sector in Germany, I am also thrilled that, following this transaction, both our firms will cooperate in the future to insure specific risks together, both in Turkey and in the UAE.”