Oman Insurance Company, one of the largest insurers in the UAE, has completed the sale of its insurance business in Turkey to Istanbul-based reinsurance firm VHV Reasürans, a subsidiary of Germany’s VHV Group. 

The deal is part of the Dubai-based company’s strategy to focus on “core markets”, according to a statement on the Dubai Financial Market (DFM) on Friday. 

“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. 

“Both our firms will cooperate in the future to insure specific risks together, both in Turkey and in the UAE,” he said. 

Oman Insurance had entered into an agreement with VHV Reasürans last March to divest 100 percent of its shares in Dubai Sigorta, which has been operating in Turkey since 2008. 

“Following this transaction, Oman Insurance Company does not own any shares in Dubai Sigorta,” the statement said. 

(Writing by Cleofe Maceda; editing by Daniel Luiz)