Doha-based Qatar Insurance Company (QIC) Group is planning to merge its subsidiary with Vision Insurance SAOG as it looks to expand its presence in the direct insurance market in the Gulf region.
The proposed merger is through QIC’s majority owned subsidiary, Oman Qatar Insurance Co. SAOG, which has been in the Omani market for more than ten years, QIC said in a statement on the Qatar Stock Exchange.
“QIC Group, as part of its strategy to expand the footprint in profitable direct-line insurance market within GCC, is exploring the possibility of a merger with Vision Insurance,” the statement said.
Both Vision Insurance and Oman Qatar Insurance are listed on the Muscat Stock Exchange. The board of directors of Oman Qatar Insurance has already resolved to issue a letter inviting Vision Insurance's board to explore the potential merger.
(Writing by Cleofe Maceda; editing by Seban Scaria)