Cyclone Gonu caused at least US$1 billion (€750 million) in damage in Oman, state-owned Oman television reported Monday, as aid and rebuilding efforts continued in ravaged parts of the country. The authorities have embarked on the urgent initial tasks of …
Oman evacuated tens of thousands Wednesday and closed the major port of Sohar northwest of the capital Muscat, as a weakening Cyclone Gonu roared toward the Strait of Hormuz – the world’s major transport artery for Persian Gulf oil. As …
A rare tropical cyclone – the strongest since 1945, when record keeping began – is passing through the oil rich Persian Gulf region. At one point, while it was well out to sea in the Indian Ocean, TC Gonu packed …
Trade credit insurer Euler Hermes, a subsidiary of AGF and a member of the Allianz Group, has opened an office in Dubai in cooperation with its local partner, Alliance Insurance. Euler Hermes new facility will offer “an extensive range of …
Marsh announced the creation of Marsh Oman LLC, a joint venture between Marsh and the Zubair Group, a leading business house in the Sultanate of Oman. Marsh has had a presence in Oman since 1981. It manages the risk and …
The Abu Dhabi and Omani insurance markets “offer significant development potential,” according to two reports -“Abu Dhabi’s Insurance Market: A Healthy Industry Facing Challenges?” and “Insurance In The Sultanate of Oman Benefits From Good Regulation And Steady Growth -” published …
Qatar Insurance Company said it will soon launch Qatar Insurance International, a holding firm for its overseas operations. Qatar Insurance International, a closed shareholding company, would be based at the Qatar Financial Centre, said QIC Group General Manager Khalifa A …
Standard & Poor’s Ratings Services announced that it has assigned its ‘BBB’ long-term counterparty credit and insurer financial strength ratings to Oman-based insurer Oman United Insurance Co. SAOG (OUIC) with a stable outlook. “The ratings on OUIC reflect the company’s …
Lloyd’s announced that it had completed a preliminary assessment of the possible losses from last Tuesday’s terrorist attacks in the U.S., and although it gave no specific figures, it stated that “these exposures can be managed within its unique system …
On Sept. 18, the Shepard brothers amended their hostile tender offer that was commenced by offering documents dated Aug. 31. In response to the amended offer, Norma J. Oman, President and Chief Executive Officer of MIGI is sending a letter …
