“1st Successful Launch of an Insurance Company in the UAE in almost 3 years”
Abu Dhabi, 03 April 2011–Insurance House PJSC (IH), an Abu Dhabi based insurance company, held its Establishment General Meeting (EGM) in Abu Dhabi, which reviewed and approved the founders’ reports on establishment procedures and cost, approved the Memorandum of Association and Articles of Association, appointed the company’s auditor and allocated his fees, and announced the final establishment of the company.
Insurance House, which had recently completed the 1st post-crisis Initial Public Offering (IPO) in the UAE, will offer insurance services ranging from personal insurance to commercial insurance and special insurance, in addition to the highest quality customized insurance programs responding to client’s insurance needs.
“The firm’s executive team conducted extensive research to assess the market needs and identify critical success factors for a sustainable and profitable solution. The inception of Insurance House came therefore to cater to market demands and to create customized insurance solutions to the UAE community. With our proven track record of success within Finance House Group, and the expertise of IH management team and resources, we believe we are today well equipped with the right tools to provide excellence in client servicing and state-of-the-art products, and to set new standards in the delivery of insurance solutions”, said Mohammed Abdulla Alqubaisi, Chairman of Insurance House.
The setup of Insurance House’s infrastructure is underway and is expected to be ready by mid may. The company is putting final touches on internal operating procedures and product policies and manuals. Human resources have been carefully selected, and official licensing requirements are being finalized. IH will be all set to commence its operations by June 2011, which is considered a record time for a public joint stock company in the insurance field.
Alqubaisi continued, “We are proud of the speedy progress that we have accomplished so far. Utilization of support services infrastructure available within the group allowed us to minimize costs and expenses. Along with the team from Finance House, we were able to finalize establishment and infrastructure within a record period of time. With IH operations set to commence by June, we are positive that our company will meet our customers’ highest expectations, and will offer state-of-the-art customized insurance services that will cater to market demands and enrich insurance offerings in the UAE”.
“From the day of inception, Insurance House will commit to support the Emiratization Program to strategically increase the ratio of UAE Nationals over time, and secure job opportunities allowing our employees to have a visibly structured career path while contributing to the development of the UAE economy”, added Alqubaisi.
Mohammed Othman has been appointed as General Manager of Insurance House. Othman brings over 30 years of insurance industry experience of which 10 are within the UAE, whereby he has served in senior management positions in leading local insurance companies.
Insurance House has recently completed a successful IPO, whereby an overall share capital of Dh120 million has been collected, marking a tremendous revitalization in the equity market which has been stagnant for more than two and a half years. The IPO was limited to UAE Nationals only, however, once listed at the Abu Dhabi Exchange, which is expected by May 2011, the company will allow foreign ownership, up to a limit of 20% of its overall share capital.
“The success of IH IPO demonstrated the interest of investors and their confidence in our project, which holds us responsible to offer best-in-class insurance services, inline with the chosen slogan of the company, which is ‘Rest Assured’,” Alqubaisi concluded.
Insurance House will operate its business from its headquarters in Abu Dhabi in addition to branches spread in Dubai and Sharjah.