MUSCAT: Arabia Falcon Insurance Company (AFIC), the entity formed by the merger of Arabia Insurance Company in Oman and Falcon Insurance Company, was officially launched at a special event held at Sheraton Hotel under the auspices of Ahmed Ali al Mamari, Director General of Insurance Supervision, Capital Market Authority.
Addressing the gathering at the launch event, Al Mamari termed the merger as a constructive move for the insurance sector in Oman.
He said mergers in the insurance sector create better and financially stronger companies.
Al Mamari added that consolidation was in line with government strategy.
This would give the companies the benefit of economies of scale and help them face competition and help the customer.
“Together we are stronger”, Chairman of AFIC Maroun Kyrillos said, “Today is a big day, today is a new beginning, today real work starts but today we are stronger together.
He also expressed gratitude to Yahya bin Said al Jabri, Chairman, CMA, Abdullah bin Salim al Salmi, Executive President, CMA, Ahmed Ali al Mamari and others at the CMA for their positivity throughout.“Without your encouragement, guidance and support, we could not have done it.”
He went on to thank the Chairman of Arabia Insurance Wahbe Tamari for his vision and moral support, as well as Arabia’s main partner Al Anwar Holdings for their trust.
Deputy CEO Fadi Chammas, hosting the event, highlighted that AFIC consolidates the strengths of two long-standing, all-line insurance companies, resulting in a successful, profitable venture.
AFIC, which is now a subsidiary of Arabia Insurance Company, one of the oldest insurance groups in the region, will benefit from its regional and local experience to provide top notch services to the Omani market.
Ahmed Ali al Mamari and Maroun Kyrillos were presented with mementos from AFIC.
The launch event also saw the unveiling of the logo of the newly formed company, next to the words “flying higher together”.
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