Dubai – Mubasher: Oman Insurance Company, listed on Dubai Financial Market (DFM), has exited its insurance operations in Turkey as part of its transformation strategy to focus the company’s resources on specific markets and segments.

The DFM-listed firm sold the business to Istanbul-based VHV Reasürans, an insurance firm that is a subsidiary of the German VHV Group, according to a bourse filing.

CEO of Oman Insurance, Jean-Louis Laurent Josi, said: “Since 2012, we have supported Dubai Sigorta with building strong underwriting and service capabilities, benefitting from Oman Insurance’s extensive product and brand depth.”

 Josi added: “Following this transaction, both our firms will cooperate in the future to insure specific risks together, both in Turkey and in the UAE.”

Oman Insurance clarified that following the sale transaction, the company does not own any shares in Dubai Sigorta.

In 2020, the DFM-listed firm announced the full takeover of Dubai Starr Sigorta A.S after purchasing an additional 49% of the capital.