As part of periodic interaction from top leadership with all team members, the Oman Re CEO’s Town Hall Meeting was virtually held on Sun, 12th Dec 2021 with active participation from staff members at the Head Office in Muscat and the QFC Branch in Doha.
From review of the Company’s year 2021 performance thus far; outlook for the remainder of the year; and setting the tone for the year ahead and beyond, Oman Re’s CEO – Romel Tabaja was joined by executive management members – Khaled Nouiri, COO and Muzamil Hussain, CFO with valued inputs.
As a key highlight of this event, Oman Re’s top achievers within professional development activities were recognized and honoured, thus cementing the Company’s commitment towards the culture of investing in its people.
7th December 2021
Oman Re, the Sultanate of Oman’s sole reinsurer reported Gross Written Premium (GWP) of OMR 24.1 million [USD 62.7 million] as of 30 September 2021, which is higher by 11% compared to OMR 21.8 million [USD 56.7 million] during for the same period last year.
Oman Re’s investment income increased by 12% during Q3 2021 to reach at OMR 1.5 million [USD 3.9 million] in comparison to OMR 1.3 million [USD 3.5 million] during Q3 2020. The combined ratio stood at 101.4% compared to 97.5% of same period last year. Increase in combined ratio is mainly on account of higher acquisition cost ratio of 25.6% as at 30 September 2021 from 20.2% for the same period in 2020. The profit before tax stood at OMR 720k [USD 1.9 million] as at 30 September 2021, compared to OMR 1.1 million [USD 2.9 million] for the same period in 2020. The Company’s net equity stands at OMR 26.2 million [USD 68.1 million].
The Company’s CEO, Romel Tabaja commented: “We continued with our focus towards disciplined underwriting and to capitalize on opportunities across our lines of business, especially within the regional market. This gives us the confidence to deliver stronger performance for the remainder of the year and beyond.”
He added, “During this quarter, higher claim activity contributed to increase in the loss ratio to 64.2% against 62.5%. However, the underlying profitability of the Company remained intact even though we took precautionary reserves for Cyclone Shaheen. Our annual targets remain within reach and our commitment to offer best reinsurance protection to our customers remains at the heart of all that we do.”
25th November 2021
Oman Reinsurance Company SOAG (Oman Re), the Sultanate’s first and only reinsurer got listed on Muscat Stock Exchange (MSX) during this month as per the local regulatory mandate and raised OMR 2.62 million (USD 6.8 million) in fresh equity. Commencing operations since July 2009 with an initial paid-up capital of OMR 5 million (USD 13 million), Oman Re has firmly transformed into a formidable best-in-class regional reinsurer over the years. Capital was gradually increased to OMR 30 million (USD 78 million) and currently stands at OMR 32.62 million (USD 84.8 million).
Headquartered in Muscat, Oman Re’s current territorial scope includes the Middle East, Afro-Asian countries, CEE and CIS markets and it writes facultative and treaty reinsurance business. In August 2021, Oman Re launched its branch at the Qatar Financial Centre (QFC), Doha to provide its regional clients with greater access to its underwriting expertise and capacity.
Upon successful listing, Oman Re’s Chairman – Dr. Juma Bin Ali Al Juma commented “As a best-in-class regional reinsurer, success to us means putting our customers first and with the additional capital; apart from exploring growth opportunities, customer-centricity will be at the cornerstone of what we do via enhanced products and services. Our values of Dynamic Culture and Transparency ensure that all our operations are carried out with maximum integrity and to the highest standards.”
The Company’s CEO – Romel Tabaja said “I take this opportunity to thank the Capital Market Authority team for their exceptional cooperation in our listing process, and Oman Re Board Members for their continuous support. In view of our growing business operations, we remain hopeful for the regional market conditions to improve for reinsurers despite the many recent challenges, and we will make sure to capitalize on the opportunities across our lines of business based on our new status.”
The Board of Directors, management and staff of Oman Re deeply mourn the sad demise of our beloved colleague, Mr. Ahmed Bakhnug – Head of Retrocession.
May the Lord Almighty bless and comfort the bereaving family members and loved ones during this time of grief. We also pray for Mr. Ahmed Bakhnug’s soul to rest in eternal peace.
Under the guidance of the Capital Market Authority (CMA), Oman Re organized a workshop for senior leaders within the insurance community in Oman, part of the Oman Insurance Association, on 10th November 2021, to progress on the journey towards building a NAT CAT Insurance program for Oman. The workshop discussed local, regional and international insights with discussions and interactive sessions, and was conducted by Oman Re in collaboration with Willis Re, which is a leading global consultancy firm with in-depth technical expertise and possessing comprehensive experience within NAT CAT Insurance programs.
Speaking at the event, Ahmed Bin Ali Al Mamari – Vice President, Insurance Sector, CMA, said, “This is a positive step in the right direction towards building a NAT CAT program for Oman as directed by the royal decree issued by His Majesty Sultan Haitham bin Tarik. The strong response to the workshop in ‘Building Resilience’ underlines the urgency towards the industry’s collaborative efforts to arrive at solutions that protect the insurer and the insurance companies. We believe this program would help narrow the gap between insured and economic losses and contribute to the stable growth of Oman towards Oman Vision 2040. On behalf of CMA, I would like to thank all participants from the insurance community and Oman Re for taking the initiative to help build a secure future.”
In his concluding remarks, Romel Tabaja – CEO, Oman Re said, “We thank the CMA for their guidance, and all the members of Oman Insurance Association and other participants for their time and efforts to participate in this workshop. We are grateful to see the strong response to the proposed plans for developing the NAT CAT program and we are excited to collaborate with the industry to make it a success. The recent cyclonic storm that impacted the country severely is a reminder of the immediacy for such a framework, and we are confident that together, we will build a resilient future for Oman.”
In its continuous mission to establish an ideal and highly effective working environment, Oman Re launched its Employment Engagement Survey (EES) 2021 at its headquarters in Muscat on Wednesday, 15th September.
EES 2021 is aimed towards identifying shared perceptions of all employees about Oman Re on various factors such as: Work Environment; Job Clarity; Processes & Policies; Teamwork; Balance in Life; Management; Participation in Change; Perceived Impact Change; Corporate Atmosphere Values; Reward & Recognition; as well as Training & Development.
Oman Re has collaborated with a highly reputed and competent consulting firm to independently conduct and manage EES 2021 project.
18th August 2021
Oman Re, the sole reinsurer operating in the Sultanate of Oman, reported profit before tax of OMR 788.5k [USD 2.0m] for H1 2021, which is higher by 19% compared to OMR 664.3k [USD 1.7m] during H1 2020. Gross Written Premium (GWP) also increased by 11% to reach OMR 18.2m [USD 47.3m] as at 30 June 2021 compared to OMR 16.4m [USD 42.5m] for the same period in 2020.
Resilient underwriting results as well as robust performance of the investment portfolio led to strong growth in profit. Net underwriting profit increased by 65% to reach OMR 204.5k [USD 531k] in H1 2021 against OMR 123.6k [USD 321k] during H1 2020. Combined ratio witnessed 0.3% improvement to reach 97.6% for the first half of year 2021. Investment income improved by 10% to reach OMR 1.0m [USD 2.7m] against OMR 0.9m [USD 2.4m]. Oman Re’s net equity stands at OMR 26.4m [USD 68.5m] as at 30 June 2021.
The Company’s CEO, Romel Tabaja commented: “We are gratified with our enhanced profitability during first half of this year. Our efforts towards prudent underwriting, meticulous investments and our strong capital position allowed us to pursue our strategic plans effectively to secure improved results.”
He added, “Although the pandemic situation still remains, we are confident that our various lines of business will continue to perform sturdily during the rest of the year. We also remain focused to develop our market position, maintain our strict risk management practices as well as endure with our customer-centric approach in offering best reinsurance protection to our customers in the current challenging times and beyond.”
The Board of Directors, management and staff of Oman Re deeply mourn the sad demise of Mr. Hussein Tabaja – beloved father of our CEO, Romel Tabaja.
May the Lord Almighty bless and comfort the bereaving Tabaja family during this time of grief. We also pray for Mr. Hussein Tabaja’s gentle soul to rest in eternal peace.
7th June 2021
Oman Re’s profit before tax increased by 53% to reach at OMR 458k [USD 1.2 million] for Q1 2021 compared to OMR 298k [USD 775k] for Q1 2020. Gross Written Premium (GWP) also increased by 12% to reach at OMR 12.4 million [USD 32.2 million] as at 31 March 2021, compared to OMR 11.1 million [USD 28.7 million] for the same period in 2020.
The robust growth in profit is due to buoyant underwriting results as well as strong performance of investment portfolio. Net underwriting profit increased by OMR 128k [USD 332k] to reach at OMR 157k [USD 408k] for the first quarter. The improvement is on account of reduction in combined ratio by 3% to reach at 95.9% for the first quarter. Investment income improved by OMR 37k [USD 96k] to reach at OMR 562k [USD 1.5 million]. Oman Re’s net equity stands at OMR 25.9 million [USD 67.3 million] as at 31 March 2021.
The Company’s CEO, Romel Tabaja commented: “We have had a good start and our results for first quarter of 2021 demonstrate Oman Re’s continued resilience amidst challenging circumstances. Our performance exceeded the forecasts and we have also noticed improvements in prices and conditions within the regional reinsurance market.”
He added, “The prevailing COVID-19 pandemic has taken record number of lives during early 2021 and our thoughts go out to those who have lost loved ones. Over the one and half year period, the pandemic has affected several businesses and industries across the globe. At Oman Re, we remain focused towards continuing our support to our clients and partners based on our strong balance sheet and prudent risk management practices.”
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.”