PRESS RELEASES

AML & CTF Training

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

Business Plan Meeting


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

Oman Re’s Net Profit rises by 131.5% in H1 2020

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.”

Oman Re Welcomes New Board Members

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.”

Oman Re Net Profit up by 153% in First Quarter

11 May 2020
 
Oman Re net profit increased by 153% to reach at OMR 298k [USD 775k] for Q1 2020 compared to OMR 118k [USD 306k] for Q1 2019. Gross Written Premium (GWP) also increased by 11% to reach at OMR 11.1 million [USD 28.7 million] as at 31 March 2020, compared to OMR 9.9 million [USD 25.8 million] for the same period in 2019.
 
The growth in net profit is due to buoyant underwriting results as well as strong performance of investment portfolio. The underwriting results improved by OMR 109k [USD 283k] compared to same period last year. The improvement is on account of reduction in combined ratio which decreased by 5.5% to reach at 98.9% (Q1 2019: 104.4%). In addition to that, investment income increased by OMR 228k [USD 592k] to reach at OMR 0.5 million [USD 1.3 million] during Q1 2020.
 
Romel Tabaja, Oman Re’s CEO commented: “During the first quarter of 2020, we achieved results that exceeded our expectations both in underwriting and investment income. However, we are mindful of the COVID-19 pandemic impact on the economy in general and the insurance industry in particular. Our current focus is to weather this situation and remain a strong partner to our clients.”
 
He added, “The ongoing challenging circumstances reinforce our determination to continue working towards Oman Re’s vision to provide Reinsurance Protection Beyond Expectations. We will continue to maintain our strong balance sheet, high liquidity and prudent risk management during these difficult times.”

Contribution to Endowment Fund

2 April, 2020

Oman Re has made a contribution of OMR 30,000 in the Endowment Fund to Support Health Services to tackle COVID-19 in Sultanate of Oman.

Oman Re’s initiatives in view of COVID-19 situation

16 March 2020
 
To all our valued stakeholders,
 
At Oman Re, we have been closely monitoring the progression of COVID-19 (Coronavirus) and whilst remaining committed to the Omani government-led directives (as enclosed), we are also committed to ensure safety and well-being our staff as well as business continuity.
 
Amidst the prevailing challenges, our team remains dedicated to extending all reinsurance services to our esteemed clients. If required, our infrastructure is fully capable to support remote working arrangements and our team will ensure to comply with all relevant protocols and regulations.
 
Due to current travel restrictions, our staff would not be doing any business travelling until further notice. We would like to assure you that we are always available on the electronic communication channels. We are providing below contacts of our key staff. Please feel free to reach out to our determined team members (as below) for your business requirements:

 

Business Development
Bashar Raouf
Head of Business Development
Tel:
+968 9061 7300
Email:
braoof@omanre.com.om
Treaty Underwriting
Nader Onaissi
Senior Underwriter
Tel:
+968 9143 1367
Email:
nonaissi@omanre.com.om
Ali Al Balushi
Deputy Underwriter
Tel:
+968 9948 7641
Email:
alimoosa.albalushi@omanre.com.om
Edwin Jackson
Deputy Underwriter
Tel:
+968 7100 9568
Email:
etaruvinga@omanre.com.om
Facultative Underwriting
Malek Mechouet
Senior Underwriter
Tel:
+968 9811 5413
Email:
malek.mechouet@omanre.com.om
Mondher Al Darmaki
Underwriter
Tel:
+968 9649 8708
Email: mondher.aldarmaki@omanre.com.om
Georges Abi Rached
Underwriter
Tel:
+968 9127 8301
Email:
grached@omanre.com.om
Technical Accounts
Ramesh Narayan
Head of Technical Accounts
Tel:
+968 9925 5431
Email:
ramesh@omanre.com.om
Husain Al Ghasra
Asst. Technical Accounts Manager
Tel:
+968 9734 6464
Email:
halghasra@omanre.com.om
Ghadeer Al Lawati
Technical Accounts Officer
Tel:
+968 9700 0065
Email:
ghadeer.allawati@omanre.com.om
Claims
Malek Mohammad
Head of Claims
Tel:
+968 9321 4684
Email:
malek@omanre.com.om
Muna Al Barwani
Claims Officer
Tel:
+968 9581 5183
Email:
muna@omanre.com.om
Tamadher Al Harrasi
Claims Officer
Tel:
+968 9692 8149
Email:
tharrasi@omanre.com.om
Finance
Osama Iqbal
Deputy Finance Manager
Tel:
+968 9170 9621
Email:
oiqbal@omanre.com.om
Muhammad Zohaib
Assistant Accounting Manager
Tel:
+968 9883 5647
Email:
mzohaib@omanre.com.om
 
Wishing all of you, your loved ones and your colleagues, good health, peace of mind and continued success. We appreciate your valued business and partnership.
 
  
Romel Tabaja
CEO


 
 Sultanate of Oman
 
Covid-19 Supreme Committee Takes Key Decisions
 
Muscat, Mar 15 (ONA) --- The Supreme Committee entrusted with studying scopes for a mechanism to handle developments resulting from coronavirus (Covid-19) pandemic held a meeting today during which it took a number of key decisions.
 
The meeting, held at the Ministry of Interior, was presided over by Sayyid Hamoud bin Faisal al-Busaidi, Minister of Interior, and attended by top officials as members.
 
The Committee, which is in constant session, commended the cooperation of all citizens and residents in undertaking precautionary measures to combat coronavirus infection and contamination.
 
The Committee reviewed the latest developments related to the virus and its spread at the global level and the extent to which it reflects on the local level.
 
The Committee took the following decisions:
 
-       Ban on entry of all non-Omanis to the Sultanate’s territories via all land, sea and airports and checkpoints, except citizens of GCC states.
 
-       Imposing quarantine on all passengers arriving in the Sultanate via all land, sea and airports and checkpoints, including Omanis.
 
-       Closing all parks and public play areas.
 
-       Suspending Friday prayers.
 
-       Stopping all social gatherings like wedding parties and funeral ceremonies.
 
The decisions take effect from Tuesday, the 17th of March 2020.
 
The Committee called on all to apply maximum commitment to preventive instructions, both at individual and groups levels.
 
The Committee’s decisions and recommendations come within the context of its great keenness to safeguard the health and safety of individuals and to limit the spread of the virus in the local society. 
 

Oman Re reports growth in overall profitability in 2019

20 February 2020
 

Oman Re, the first reinsurance company established in the Sultanate of Oman, reported net profit of OMR 814k [USD 2.1 million] for the year ended 31 December 2019, representing a 23.3% rise compared to prior year (2018: OMR 660k [USD 1.7 million]).
 
Investment income, a major contributor to the overall profitability, grew strongly to reach OMR 1.5 million [USD 3.9 million] during 2019, exceeding both prior year performance (2018: OMR 1.0 million [USD 2.6 million]) and budgeted targets for the year. The shift in investment strategy, to make the investment portfolio agile and liquid, is the main driver of the strong performance.
 
The Company’s underwriting performance remained resilient in the face of a challenging year. The combined ratio for the year is 101.7%. Despite facing an increased claim activity, the underwriting portfolio was able to absorb large losses including Cyclone Hikka in Oman without a significant rise in the combined ratio. The Gross Written Premium for the year is OMR 20.4 million [USD 53.0 million].
 
 
Commenting on Oman Re’s performance for the year, CEO Romel Tabaja said, “Even with all the challenges that the Company faced during the year, our profitability has grown compared to prior years. This shows the Company’s ability to navigate through challenging market conditions without compromising its financial performance.  
 
He continued, “We would like to thank all our stakeholders including the Capital Market Authority, our Members of the Board, Our Strategic Partners Trust Re and Qatar General Insurance and our Business Partners who have continuously supported us.”

Agriculture Insurance, Livestock and Fisheries

4th December 2019


In it’s efforts to promote a sustainable agriculture insurance scheme in the Sultanate of Oman, Oman Re did sponsor a conference on “Agriculture Insurance, Livestock and Fisheries” organized by Oman Chamber of Commerce and Industry. During the conference, Mr. Khaled Nouiri – Chief Operating officer of Oman Re presented a paper sharing Oman Re’s views on “Success factors for the introduction of Agriculture Insurance in Oman”
 
 

Oman Re’s Board of Directors Meeting

On 26/11/2019, Oman Re conducted its 4th Board of Directors meeting in which the three years business plan named “Broadening our Horizon for Profitable Growth” was approved. Following the successful implementation of 2017-2019 business plan “Home First for Healthy Growth”, 2020 – 2022 business plan is focussed on profitable expansion of Oman Re’s operations and enhancement of its corporate profile.
 
The BOD also ratified Oman Re’s 3rd Quarter results marking a significant improvement in the net profit. In fact, the company reported a net profit of OMR 725.3k for the nine months ended 30 September 2019, representing a 99.4% rise compared to the prior year period (Q3 2018: 363.7k).


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