As part of its continuous learning and development activity, Oman Reinsurance Company (Oman Re) has commenced with a series of Risk Engineering workshops in association with Xantray Consulting. Over the years, Oman Re has cemented its position as a leading regional reinsurer and has constantly collaborated with its corporate customers in developing the skills and knowledge base of their team through training.
With the evolving role of risk engineering within the insurance space, Oman Re’s monthly series of Risk Engineering workshops commencing from April 2021 cover a variety of topics including risk quality benchmarking and underwriting reviews, such as Fundamentals of Risk Engineering; Cement Plants; Aluminium Plants; Steel Plants; Chemical and Pharma; Power Plants; Refineries – Onshore Risk and Offshore Risk. The workshops will be conducted over a period of eight months during year 2021.
The Company’s CEO, Romel Tabaja commented: “As we promote best reinsurance solutions to our esteemed clients and partners, our staff is the most important asset Oman Re has. We practice a culture of continuous development of our people by providing training, professional qualifications and mentoring to enhance their skills and knowledge.”
He added “As part of our corporate social responsibility being the sole reinsurer based out of Oman, we have always strived towards adding value to our cedants and associates within the local market. More than 20 candidates from nearly 10 Oman-based insurance organizations are participating in the ongoing Risk Engineering workshops.”
Oman Reinsurance Company (Oman Re) held its Annual General Meeting for fiscal year 2020 on 23rd March 2021, which was chaired by Dr. Juma Bin Ali Al Juma – Chairman of the Board of Directors, and with 100% attendance of the Company’s shareholders. During the meeting, the Annual Reports of the Company were discussed, which reflected exceptional financial performance of the Company with records profits of OMR 1.4 million, the highest ever since the Company’s establishment in 2009.
On this occasion, Dr. Juma Bin Ali Al Juma extended his sincere thanks to the shareholders of the Company, especially for extending total confidence to the Board of Directors as well as for their continuous support to the Company in its growth and progress as a strong reinsurer within the international markets, thus bringing honour to the Sultanate of Oman. He also expressed gratitude to Oman Re’s Executive Management for their relentless efforts in capitalizing on various business opportunities and in providing value-added products and services to the Company’s clients and partners, which led towards significant growth in profits.
24 February 2021
Oman Re, the sole reinsurer based out of Oman, is pleased to announce the launch of its branch at Qatar Financial Centre (QFC), Doha to provide its regional clients with greater access to its underwriting expertise and capacity. This follows the receipt of necessary regulatory approvals.
Over the past four years, Oman Re has made considerable progress by means of several strategic initiatives to strengthen its foothold in Oman and within the wider territorial scope, particularly the Afro-Asian markets. While business operations are expected to commence from second quarter of this year, the new QFC Branch will write facultative and treaty business from both local and dedicated international markets.
The Company’s Chairman, Dr. Juma Bin Ali Al Juma said: “Over the years, we have continuously strived to become the preferred reinsurance partner in Oman and the broader region. Qatar is a key market and a regional hub, and we are excited to be here as part of our growth and diversification initiatives. The new branch will supplement our existing infrastructure as we aim to provide leading brokers and clients with bespoke reinsurance solutions.”
Oman Re’s CEO, Romel Tabaja commented, “Despite the many challenges, we signed-off with year 2020 on a positive note with growth in both revenue and technical profitability. With our new QFC Branch, we aim to enhance our business profile, improve our proximity to clients and expand profitably.”
He added to say, “Our senior team member – Bashar Abdulkhaleq Raoof has been appointed as General Manager to lead business operations at our QFC Branch. Bashar is a seasoned insurance professional with rich experience within the regional and international reinsurance markets.”
10 February 2021
Oman Re, the Sultanate’s sole reinsurer, reported net profit of OMR 1.45m (USD 3.77m) for the year ended 31 December 2020, representing a 78% rise compared to previous year’s OMR 0.81m (USD 2.12m). The gross written premium increased by 21% to reach OMR 24.8m (USD 64.3m) against OMR 20.4m (USD 53.0m) during 2019, thus demonstrating a Compound Annual Growth Rate (CAGR) of 28% from year 2016 onwards.
The significant growth in profitability is driven by strong underwriting results and exceptional performance of the Company’s investment portfolio, which beat previous year’s figures as well as budgeted targets. The net underwriting results (before management expenses) for the year climbed momentously by 58% to reach OMR 1.96m (USD 5.1m) compared to previous year’s OMR 1.24m (USD 3.2m). The underwriting results reflect Oman Re’s prudent underwriting as demonstrated by substantial improvement in the combined ratio during the year which reached 97.9% against 101.7% for year 2019 despite incurring Beirut explosion as the major loss in August 2020.
Furthermore, the investment income grew by 25% during the year 2020 to reach OMR 1.9m (USD 4.9m) compared to prior year’s OMR 1.5m (USD 3.9m) based on proactive investment management as well as substantial cash generation. The Company’s net equity increased by 11% to OMR 25.6m (USD 66.5m), which is an improvement of OMR 2.5m (USD 6.6m) compared to December 2019 position.
The Company’s CEO, Romel Tabaja commented: “Oman Re faced multi-faceted challenges due to the COVID-19 pandemic but strongly responded with impeccable teamwork to produce solid business performance and increased our financial results, once again, exceeding our profit target. This clearly demonstrated our collective ability to stay resilient and successfully navigate through trying circumstances.”
He added, “Our strategic initiatives since the last four years are working and paying off. We stand confident to weather the prevailing situation and remain a strong partner to our valued clients. I also take this opportunity to thank all our stakeholders, including the Capital Market Authority, our Members of the Board, our shareholders, and our Business Partners for their continuous support.”
27 January 2021
Oman Re – the sole reinsurer operating in the Sultanate of Oman, represented by it’s Chairman – Dr. Juma Bin Ali Al Juma and Ethiopian Reinsurance Company, represented by it’s Chairman - Mr. Hailemariam Assefa Yeshitila jointly signed the Memorandum of Understanding (MoU) at the ceremonial event in Muscat on Mon, 25th Jan 2021.
Oman Re’s leadership team welcomed the 10-member Ethio Re delegation comprising of their Board of Directors and Acting CEO.
Omar Re’s Chairman – Dr. Juma Bin Ali Al Juma said “The core objective of this MoU is to strengthen our areas of cooperation, strategic partnership and review mutual opportunities and challenges. Our subject matter experts also conducted workshops on Corporate Governance, Enterprise Risk Management and discussed the challenges affecting the reinsurance industry and reinsurers with the Ethio Re delegation.”
19 October 2020
Oman Re, the sole reinsurer in the Sultanate of Oman, reported net profit of OMR 1.1m [USD 2.8m] for the nine months ended 30 September 2020, representing a 51% rise compared to OMR 725k [USD 1.9m] for 30 Sep 2019. The gross written premium increased by 25% to reach OMR 21.8m [USD 56.7m] against OMR 17.5m [USD 45.4m] for the same period in 2019.
The substantial growth in profitability is driven by prudent underwriting and investment income. The Company’s net underwriting results for the nine months period improved by OMR 175k [USD 454k] compared to same period in 2019 to reach at OMR 211k [USD 548k]. The combined ratio reduced to 97.6% versus 99.4% for the same period last year, even though Oman Re incurred major losses including Beirut Explosion during 2020. The underwriting results reflect the prudent strengthening in Incurred But Not Reported (IBNR) reserves by an additional OMR 1.4m [USD 3.6m] for nine months.
The investment income grew strongly to reach OMR 1.4m [USD 3.5m] at 30 September 2020, exceeding both previous year’s performance [Sep 2019: OMR 1.1m / USD 2.7m] and budgeted targets for the period. Furthermore, the Company’s net equity increased to OMR 24.4m [USD 63.4m], which is an improvement of OMR 1.3m [USD 3.4m] compared to December 2019 position.
Commenting on Oman Re’s performance for Q3 2020, CEO Romel Tabaja said, “Over the years we have continuously demonstrated that we are committed to providing effective solutions to our clients and business partners in all our areas of operation. The robust growth validates the resilience of our business model and is also a fitting testimony for the collective efforts of our dynamic team.”
He continued by saying, “The COVID-19 pandemic has amplified the importance of insurance industry’s role in the economic optimism of businesses and individuals. At Oman Re, we are taking steps to benefit from the improved conditions for regional reinsurers and are fully determined to achieve our business targets for the year.”
27th August 2020
Oman Re successfully conducted the annual mandatory “Anti-Money Laundering and Counter-Terrorism Financing” (AML & CTF) training sessions via online mode for all staff members led by Mr. Khalid Al Balushi – Legal and Compliance Manager
20th August 2020
Oman Re’s management team was engaged in a “virtual huddle” to broadly review prospective challenges and opportunities in view of Business Plan 2021-2023
12 August 2020
Oman Re, the sole reinsurer operating in the Sultanate of Oman, reported a net profit of OMR 664.3k [USD 1.73m] for H1 2020, which is higher by 131.5% compared to OMR 286.9k [USD 746.2k] during H1 2019. Gross Written Premium (GWP) also increased by 21.4% to reach at OMR 16.4m [USD 42.5m] as at 30 June 2020, compared to OMR 13.5m [USD 35.0m] for the same period in 2019.
Enhanced underwriting results and robust performance of investment portfolio greatly contributed to overall profitability. The combined ratio reduced by 6.67% to reach at 97.84% [H1 2019: 104.51%] which improved the underwriting results by OMR 300.4k [USD 780.4k] compared to same period last year. The strong underwriting results were augmented by a significantly higher investment income during H1 2020, which rose by 44.1% to reach at OMR 937.2k [USD 2.4m]. The Company’s net equity stood at OMR 23.9m [USD 62.2m], thus growing by 3.7% in comparison to 31 Dec 2019 position.
Oman Re’s Chief Executive Officer Romel Tabaja said: “Amidst inherent uncertainty of the ongoing pandemic, Oman Re has demonstrated resilience via operational growth, overall profitability as well as increase in net equity position. Our business development has been encouraging, and we are looking forward to achieving our full year budgets. Also, we remain hopeful for the regional market conditions to improve for reinsurers.”
He continued by saying, “I greatly appreciate the commitment of our qualified team as well as valuable support from Board of Directors and business partners towards our collective achievements for the period.”
8th July 2020
The Annual General Meeting of Oman Reinsurance Company (Oman Re) for the financial year 2019 was held on 7th July 2020. The meeting was chaired by Dr. Juma Bin Ali Al Juma with 100% attendance of the shareholders. This year’s AGM witnessed the election of new Board of Directors for the period of 2020-2023. Dr. Juma Bin Ali Al Juma was elected as the Chairman of the Board and Sheikh Nasser Bin Ali Al Thani was elected as Deputy Chairman of the Board, along with the following Directors:
• Sayyid Mohamed Al Busaidy
• Mr. Talal Al Zain
• Mr. Gamal Mohamed
• Mr. Pramod Kumar Hiran
• Mr. Alaa Fares
In his address, Dr. Juma Bin Ali Al Juma – Chairman of Oman Re said “It was a privilege to work alongside the outgoing Board Members, who diligently contributed to Oman Re’s strategy and in strengthening its operations via vigorous holistic development over the last three years.”
He added, “I also take this distinct opportunity to welcome eminent and farsighted leaders onto the Oman Re Board, who along with the existing members reflect the breadth of experience and expertise within the reinsurance business as well as in-depth understanding of best practices on corporate governance.”