PRESS RELEASES

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).

Oman Re Net Profit up 99.4% in Q3 2019

24 October 2019
 

Oman Re, the first reinsurance company established in the Sultanate of Oman, reported 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).
 
Investment income, a major contributor to the overall profitability, grew strongly to reach OMR 1.0 million at 30 September 2019, exceeding both prior year performance (Q3 2018: OMR 168.5k) and budgeted targets for the period.
 
The Company also made significant improvement in its combined ratio which reached to 99.4% as at 30 September 2019 compared to 104.5% as at 30 June 2019. The quarter on quarter underwriting profitability (net of administrative expenses) improved substantially and the Company generated net underwriting profit of OMR 213.1k for the third quarter resulting in the total net underwriting profit of OMR 36.2k for the nine months.
 
Commenting on Oman Re’s performance for the first nine months of the year, CEO Romel Tabaja said, “Despite the challenges of rate pressures and market conditions, our profitability for the period and our improved profitability compared to prior year, shows the resilience of our business model”.
He continued, “We remain committed to providing effective solutions to our business partners in all our areas of operation”.

Oman Re Net Profit up 110% in H1 2019

29th August 2019
 
Oman Re, the first and only reinsurance company established in the Sultanate of Oman, reported a net profit of OMR 286.9k for H1 2019, a 110% rise compared to the corresponding period last year (H1 2018: OMR 136.5k).
 
The very strong and improved performance of investment income for the period (OMR 683.2k vs. OMR 405.2k) was the main factor contributing to overall profitability. Moreover, net profit improvement was continuous on a quarterly basis with OMR 168.9k reported for Q2 2019 against OMR 118.0k for Q1 2019.
 
The Company achieved Gross Written Premium of OMR 13.5 million for the six months ended 30 June 2019 (H1 2018: OMR 15.1 million). Due to lower premium volume and certain market losses, the Combined Ratio increased by 2.1 percentage points to 104.5% (H1 2018: 102.4%). With July and August renewals now concluded, Oman Re is confident to achieve full year top line budget.
 
At the same time, the Company reiterated that it was assigned a ‘BBB-‘rating with stable outlook by Fitch Ratings in June this year. According to an official statement released by Fitch Ratings at the time, key rating drivers for Oman Re were its “good financial performance, capitalisation and reserving adequacy”.
 
Commenting on Oman Re results for the first half of fiscal 2019, CEO Romel Tabaja said, “As a Company, we are satisfied with our financial performance for the first six months of the year. In particular, the result of strategic changes to the investment portfolio is clear, with significant improvements demonstrated in that part of the business”.
He continued by saying, “It is thanks to the commitment of our qualified team and to the valuable support of our Board of directors and business partners that we have turned in a profitable performance for the period”.

 

Oman Reinsurance Business Plan Meeting

14th July 2019

Oman Re full day discussion session meeting of prospective challenges & opportunities by reviewing 2017-2019 and business plan Strategy of 2020- 2022
 

Associate Member of African Insurance Organisation

We are pleased to announce that Oman Re is now the official member of African Insurance Organisation. This comes inline with Oman Re’s  business strategy to have geographical expansion in Africa and to work more closely with our African clients to deliver them unmatched services.


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