The majority of the company’s clients are locally based and it is a Seychelles-born and bred insurance company. It offers various insurance which includes commercial, health and travel, finance liability, home and motor among others. “The FSA reassures policyholders and other stakeholders of Falcon that it remains committed to ensuring their fair treatment and maintaining a stable and efficient insurance market for the benefit and protection of the public,” the statement added further.įalcon Insurance, located at Eden Plaza, is a relatively new addition to the local financial services sector and was set up in 2013. Presently an audit of Falcon, commissioned by the FSA, is ongoing,” added the press release.įSA said that in order to safeguard the interests of all stakeholders, it has appointed Mariam Rajabally, as administrator in accordance with section 101 of the Insurance Act to manage the company’s business, affairs and assets. “This decision has been taken, following routine regulatory inspections conducted by the FSA, where a number of irregularities relating to the operations of the Company have been identified. However, it will not be able to take on any new business during the period of suspension of licence.”įSA said that the company was issued with a notice on Thursday, October 27, 2022, pursuant to section 96 of the Insurance Act, 2008 and advised that the suspension takes immediate effect, until further notice. Dentons' polycentric approach and world-class talent challenge the status quo to advance client interests in the communities in which we live and work.The Seychelles Financial Services Authority (FSA), in its capacity as the regulator for the insurance industry, has suspended the licence of Falcon Insurance Limited, the Authority said in a press release on Thursday.įSA said that “Falcon shall continue to serve its existing clients and respect its obligations, and continue to abide by the provisions of the Insurance Act. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service, including founding Nextlaw Labs and the Nextlaw Global Referral Network. Ends-įor further information, please contact: Charlene Singh Acting Team Lead of Business Development & Marketing - Middle East +968 2457 3034 Dentons Dentons is the world's largest law firm, delivering quality and value to clients around the globe. The transaction was led by Nick Simpson and senior associate Darshi Sanganee, both based in Muscat. It has witnessed steady growth over several years.ĭentons' Co-Managing Partner and Head of Corporate in Muscat, Nick Simpson, commented, "We are delighted to have worked with Al Anwar on its strategic divestment of a significant stake of its insurance business and look forward to working with them in the future." The transaction also involved a simultaneous acquisition of the business, assets and liabilities of AIC's Oman branch by FIC, and Dentons also advised on the business transfer agreement.Īl Anwar, a private equity firm, invests in small- to medium-sized businesses in Oman, the Middle East and South Asia. Arabia Falcon Insurance SAOG engages in underwriting general and life insurance business in the Sultanate of Oman. Its total assets exceed US64 billion (HK502 billion). Fairfax is listed on the Toronto Stock Exchang e under stock symbol 'FFH'. and Lawrence Investment LLC (Under Formation). Falcon Insurance Company (Hong Kong) Limited is a wholly owned subsidiary of Fairfax Financial Holdings Limited (a financial services holding company with its corporate headquarters in Toronto, Canada. Muscat, 15 February 2017 Dentons advised Al Anwar Holdings SAOG on the sale of 20.35% of its shareholding in Falcon Insurance Company SAOC (FIC) for a consideration of OMR 1.876 per share to Arabia Insurance Company S.A.L's (AIC) affiliates, namely Arabia S.A.L.
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