DOHA: Gulf International Services and Doha Insurance Group have announced that they will hold initial negotiations for a potential all-stock merger between Al Koot Insurance and Reinsurance Company, a wholly-owned subsidiary of GIS, and Doha Insurance Group .

The potential merger is one of the largest competitive and financially strong local insurers capable of providing world-class insurance services in various segments in line with Qatar’s National Vision 2030 as a joint strategic priority will produce Forming local champions with enhanced competitive advantage, providing better means to realize and enhance domestic and international growth and expansion potential. The potential merger could capture key commercial and operational synergies between the two companies’ service-oriented platforms and human resource, financial, marketing and management expertise capabilities, which in turn could result in each company’s respective It leads to value creation for all stakeholders including shareholders.

The Central Bank of Qatar has granted the two companies, subject to compliance with all provisions stipulated in Articles 162 and 163 of the Qatar Central Bank Law and Law No. 13 of 2012 on the Issuance of Regulations on Financial Institutions, the two companies in principle. provided no objection as. .

Any potential merger decision and its structure will depend on the results of the relevant due diligence carried out by each party, a detailed joint evaluation with their respective shareholders, and all relevant regulatory approvals and other customary closing conditions. depends on Details regarding the merger will be announced in accordance with applicable rules and regulations.

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