30th April 2017
Under the patronage of H.E. Sheikh Abdulla Bin Salem Al Salmi, Executive President of the Capital Market Authority (CMA) in the Sultanate of Oman, Oman Re was proud to hold a seminar on "Enterprise Risk Management: from Compliance to Value Creation" at the Crowne Plaza Hotel on 30th April 2017.
Professionals from the broking and insurance fields were in attendance at the seminar which began with a welcome address from Romel Tabaja, CEO of Oman Re. Following were opening remarks by Mr. Ahmed Al Mamari, General Manager, Directorate of Insurance Supervision at the CMA who spoke on behalf of H.E. Sheikh Abdulla Bin Salem Al Salmi, Executive President of the CMA.
The seminar opened with a presentation entitled “ERM in the rating process” by Vasilis Katsipis, General Manager, Market Development at A.M. Best, followed by Marios Argyrou, Head of Actuarial and Risk Management at Trust Re who discussed “Value Creation through ERM in practice”.
The presentations aimed to further enhance participants’ understanding of ERM and reinforce that its benefits go beyond being a purely compliance and regulatory matter to one which creates value.
Further engaging with its stakeholders has become an increasingly important part of Oman Re’s business strategy since its team was strengthened in 2016. In organising the seminar, the company was keen to contribute to the growth and strengthening of the Omani insurance and reinsurance sector, to the wider benefit of the Omani economy and society as a whole.
On this occasion, Mr. Al Mamari said “It is our belief that this seminar, instigated and organised by Oman Re, perfectly aligns with our mission’s goals to promote and expand informed participation in the capital and insurance markets which we develop and regulate”.
Mr. Romel Tabaja also commented "We are proud to hold this seminar under the patronage of the CMA, and we appreciate their active interest and participation". He continued by saying "It gives me great pleasure to be joined by our distinguished speakers, Mr. Vasilis Katsipis and Mr. Marios Argyrou, both of whom are risk management specialists of excellent repute".
22nd March 2017
Oman Re held its Annual General Meeting on 20 March 2017 in Muscat, Sultanate of Oman. At the AGM, the Board of Directors report and the Corporate Governance report of the company, for the financial year ended 31st December 2016, were approved. The AGM also approved the Auditor’s report and Financial statements, and related party transactions, for the financial year ended 31st December 2016.
Moreover, the sitting fees of the Board and sub-committees were ratified and Ernst & Young was appointed as Statutory auditors for the financial year ending 2017.
The AGM resolved that the Board will comprise seven members. Dr. Juma Ali Juma Al Juma was elected Chairman of the Board and Shaikh Nasser Bin Ali Al Thani was re-elected Deputy Chairman.
Abdullah Bin Zahran Al Balushi, former Chairman, remains on the Board as well as Mark Buisseret and Pramod Kumar Hiran, whilst Frixos Savvides and Stavros Stavrou were elected as new Board Members.
Attendees included the representatives of 99% of the shareholders, the current Chairman and Board Members of Oman Re, a representative from the Ministry of Commerce, the legal advisor of Oman Re and the Company’s management team.