Arabia Falcon Insurance Officially Launched
Arabia Falcon Insurance Company (AFIC), the entity formed by the merger of Arabia Insurance Co in Oman and Falcon Insurance Co, was officially launched at a special event held at Sheraton Oman Hotel under the patronage of Ahmed Ali al Mamari, director general of insurance supervision at the Capital Market Authority (CMA).
Speaking at the launch event, Mamari termed the merger as a constructive move for the insurance sector in Oman. He noted that mergers in the insurance sector create better and financially stronger companies.
Mamari added that consolidation was in line with government’s strategy. This would give the companies the benefit of economies of scale and help them face competition and help the customers.
“Together we are stronger”, Maroun Kyrillos, chairman of AFIC, said. He expressed gratitude to H E Yahya al Jabri, chairman of CMA, H E Abdullah al Salmi, executive president of CMA and other CMA officials for their positivity throughout the merger process.
“Without your encouragement, guidance and support, we could not have done it (merger),” Kyrillos said while expressing gratitude to the CMA officials.
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