Falcon Insurance company SAOC (FIC)
Al Anwar Holdings has been endeavoring to enter the insurance sector. In a bid to diversify its manufacturing dominated portfolio and to also capture the growth in this sector as the economy grows and industrial activity diversifies Al Anwar embarked on this path by forming a national insurance company – Falcon Insurance Company SAOC (Falcon).
Falcon then took over the existing business of Al Itthihad Al Watani, a foreign insurance company so that the gestation period was reduced and Falcon began with business portfolio in hand.
Al Ittihad Al Watani (AIAW) was operating in the General Insurance business, as a branch of a foreign insurance company iin Oman since 1977. Falcon has acquired the Insurance Licence, the ongoing business of the Muscat branch and the organisation of AIAW in September 2005. Falcon has since obtained licence for Life insurance too.
Falcon has been capitalised at RO 6.40 million. The Shareholders of Falcon, apart from Al Anwar Holdings and AIAW, include Institutional Investors like Banks & Pension Funds and Investors who have industrial & services businesses in their portfolios. Read More on Falcon Insurance Company, Oman.