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March 13, 2016

 

Press Conference held after concluding the Merger of First Insurance Company and Yarmouk Insurance Company

 

 

Amman – Ala' Qarala – At the end of last week an announcement was made about the completion of the merger procedures between First Insurance Company and Yarmouk Insurance Company under one Company namely "First Insurance" which shall bridge significant gaps in the local insurance sector.

 

Mr. Ashraf Bseiso, the Chairman of First Insurance Company, the representative of Solidarity Holding Group, Bahrain, asserted the support that the Company has been afforded during its acquisition of Yarmouk Insurance Company by the competent entities represented in facilitating the merger procedures and providing the incentives.

 

Bseiso illustrated during a press conference held at the headquarters of First Insurance Company, in the presence of the Company's Chief Executive Officer Dr. Ali Al Wazani that the Company has recently finalized, within a record time, the merger with Yarmouk Insurance Company and formed a new Board of Directors and a new Executive Management for the Company.

 

The General Assembly, in its Extra-ordinary meeting that was held last week, elected a new Board of Directors that included Ashraf Bseiso, Chairman, representing Solidarity Group of Bahrain, Ayman Majali, Vice-chairman and the membership of Mohammad Tarawneh, Dr. Ali Al Wazani, Bassam Hussein, Mohammad Saqr, Hasan Abu Al Ragheb and Jawad Mohammad.

 

Bseiso added, given that Jordan has flexible and motivating legislative components and given its political and economic stability, it is considered one of the most able countries to attract investments, expecting that the Jordanian Insurance Sector shall witness more investments, particularly with the new incentives set up by the Investment Board in addition to the new Investment Law being a modern and developed law according to him.

 

During the press conference, Bseiso added that the merger procedures began last April, ie since about eleven months, indicating that such period of time is considered "a record time" that would not have succeeded had it not been for the significant efforts of both managements as well as the efforts and incentives provided by the government entities that contributed towards the success of the merger process; particularly that there is a major difference between the operations of both Companies as First Insurance Company is considered an Islamic Takafol Company while Yarmouk Insurance Company  is a conventional insurance company rendering the merging of both Companies a big task.

 

Bseiso indicated that the "Solidarity Group of Bahrain" has a 71.1% stake of the new Company after merger, Doha Insurance at 5% whilst the remaining shares are distributed among the rest of the shareholders.  He also illustrated that Yarmouk Insurance Company is one of the distinguished companies with a presence of 35 years in the market over and above operating in all lines of insurance business.

 

Bseiso indicated that the Government, upon the request of the Ministry of Industry and Trade, through the Investment Board, offered incentives that contributed towards the success of the merger process by agreeing to grant the resultant merged company income tax exemptions for a period of three years as well as an exemption from the annual charges levied pursuant to the Insurance Organization Law No. 33 of 1999 as amended for a period of three years and to exempt the merged Company from the charges of transfer of title and the capital increase fees which shall greatly contribute towards motivating many insurance companies and other companies to merge, thus enhancing their solvency and the practical expertise thereat through merging capabilities which would drive the Company to advanced levels.

 

On the other hand, the Company's CEO Dr. Ali Al Wazani asserted that the merger between the most solvent companies shall enrich the Insurance Sector in Jordan with new quality services which shall bridge a major gap in the supply side and would provide customers with multiple alternatives through implementing best practices to go along with the preferences of a large sector of potential customers in the Kingdom to have insurance services that conform with the Sharia' Principles and the contemporary horizons of insurance and the services associated therewith.

 

Al Wazani indicated that the Company over the past years and since the incorporation thereof in 2008, was able to move constantly towards achieving the set objectives, whereby it was able, during a short period of time to be the foremost Company in Islamic Takafol Insurance in Jordan and has made great leaps to the advanced levels in terms of financial results and growth rates in the market, whereby it currently occupies the fourth slot among insurance companies in the Insurance Sector according to the statistics of the Insurance Administration at the Ministry of Industry and Trade, ie , formerly, the Insurance Commission.

 

Al Wazani anticipated that the Company shall, during the current year, achieve excellent financial results and growth rates post the merger with Yarmouk Insurance Company, explaining that the Company shall be working in insurance lines of business that it has not previously operated in, such as Life Insurance and other lines of insurance business.

 

Al Wazani also indicated that the Company was able to maintain its credit rating whereby it acquired a rating of B++ for the third time in a row which is given by the International Rating Agency A.M. Best with a stable outlook as the highest rating for financial capability granted to a Jordanian Insurance Company, where the report indicated that the Company has placed itself in an established position in the Jordanian Insurance Market ever since incorporation.  As anticipated, the Company today drives Takafol Insurance Industry in Jordan as it was able to maintain the same superior level of growth rates.

 

 

Al Wazani added that in the formation of the Company's Executive Management, the Company has taken into account, post merger, introducing and merging the capabilities of both companies to benefit from the experience of all which would lend the Company performance strength and development in all insurance lines of business.

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