Oman Reinsurance Company SOAG (Oman Re), the Sultanate’s first and only reinsurer got listed on Muscat Stock Exchange (MSX) during this month as per the local regulatory mandate and raised OMR 2.62 million (USD 6.8 million) in fresh equity. Commencing operations since July 2009 with an initial paid-up capital of OMR 5 million (USD 13 million), Oman Re has firmly transformed into a formidable best-in-class regional reinsurer over the years. Capital was gradually increased to OMR 30 million (USD 78 million) and currently stands at OMR 32.62 million (USD 84.8 million).

Headquartered in Muscat, Oman Re’s current territorial scope includes the Middle East, Afro-Asian countries, CEE and CIS markets and it writes facultative and treaty reinsurance business. In August 2021, Oman Re launched its branch at the Qatar Financial Centre (QFC), Doha to provide its regional clients with greater access to its underwriting expertise and capacity.

Upon successful listing, Oman Re’s Chairman – Dr. Juma Bin Ali Al Juma commented “As a best-in-class regional reinsurer, success to us means putting our customers first and with the additional capital; apart from exploring growth opportunities, customer-centricity will be at the cornerstone of what we do via enhanced products and services. Our values of Dynamic Culture and Transparency ensure that all our operations are carried out with maximum integrity and to the highest standards.”

The Company’s CEO – Romel Tabaja said “I take this opportunity to thank the Capital Market Authority team for their exceptional cooperation in our listing process, and Oman Re Board Members for their continuous support. In view of our growing business operations, we remain hopeful for the regional market conditions to improve for reinsurers despite the many recent challenges, and we will make sure to capitalize on the opportunities across our lines of business based on our new status.”

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