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, as the state investment firm looks to cut its debt pile.
Oman Insurance Co, the unit of Mashreq, said on Tuesday it had bought a 51 percent stake in Dubai Group Sigorta, an insurance company based in Istanbul which does non-life insurance business. The remaining 49 percent was acquired by Starr Insurance and Reinsurance Ltd, part of Greenberg's Starr International Co, OIC
said. No financial details of the transaction were provided.
Dubai Group, part of Dubai Holding, the personal investment firm of
Sheikh Mohammed bin Rashid al-Maktoum, was hit hard by the global financial crisis and has seen the value
of most of its holdings decline.
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