Dubai Group has sold its Turkish insurance arm to a company owned by former AIG chief executive Maurice “Hank” Greenberg and a unit of Dubai lender Mashreq Bank.
Oman Insurance Co., the unit of Mashreq, said on Tuesday it had bought a 51 per cent stake in Dubai Group Sigorta, an insurance company based in Istanbul which does non-life insurance business.
Dubai Group Sigorta was formed in 2008. It made a loss of 34.2 million Turkish lira ($18.8 million), according to its 2011 annual report.
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