Dubai Sigorta was launched in 2008 as a fully-owned entity of Oman Insurance Co.. The firm specialises in construction and liability insurance. (Image used for illustrative purposes.) Image Credit: Gulf News Archive

Dubai: One of the UAE's biggest insurers, Oman Insurance Company, is exiting from its operations in Turkey. The Dubai-headquartered OIC has an agreement with VHV Reasürans, part of the VHV Group of Germany, to sell the Turkish entity Dubai Sigorta A.S..

Oman Insurance Company currently owns 100 per cent of Dubai Sigorta A.S. and has been active in Turkey since 2008. The company has 70 employees. Dubai Sigorta specializes in construction and liability insurance and ranks amongst the Top 5 insurers in Turkey in these lines. Gross revenues amounted to 298 million Turkish lira in 2020.

The transaction represents a "continuation of Oman Insurance’s transformation and simplification strategy with the objective to focus resources to specific markets and segments". Oman Insurance and VHV Reasürans will seek to partner in insuring specific risks in Turkey as well as in the UAE.

Jean-Louis Laurent Josi, Oman Insurance’s CEO, said, “VHV Reasürans being a company one of the most important insurers in Germany and the leader in the construction sector in Europe, I am convinced that our operations in Turkey will immensely benefit. I am also thrilled that both our firms will cooperate in the future to insure specific risks together, both in Turkey and in the UAE."