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OIC buys 51% in Dubai Group Sigorta

05 Sep 2012

(MENAFN) Dubai Group has given up its Turkish insurance arm Sigorta to Oman Insurance Co (OIC), as the state investment firm seeks to ease its debt burden, Reuters reported.

OIC it bought 51 percent in the Turkish unit, which does non-life insurance business, without disclosing the value of the deal.

The remaining 49 percent was bought by Starr Insurance and Reinsurance Ltd, part of AIG former CEO Maurice “Hank” Greenberg’s Starr International Co.

Dubai Group, part of Dubai Holding, the personal investment firm of Sheikh Mohammed bin Rashid al-Maktoum, was hit hard by the global financial crisis resulting in a fall in the value of most of its holdings.

Dubai Group Sigorta, formed in 2008, reported a loss of USD18.8 million, according to its 2011 balance sheet.

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