Insurance House plans June launch
Abu Dhabi, April 4, 2011
Abu Dhabi-based Insurance House, which had recently completed the first post-crisis initial public offering (IPO) in the UAE, plans to offer its insurance services by June.
The company had netted a total of Dh120 million ($32.6 million) from the issue, 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 Emirati nationals only. However, once it gets listed at Abu Dhabi Exchange next month, the company said it will allow foreign ownership, up to a limit of 20 per cent of its overall share capital.
Insurance House's services range from personal insurance to commercial insurance and special insurance, in addition to customised insurance programs responding to client’s insurance needs, said chairman Mohammed Abdulla Alqubaisi during the company's establishment general meeting (EGM) in Abu Dhabi.
"Our executive team conducted research to study market needs and identify key success factors for a sustainable and profitable solution. The Insurance House's inception came to cater to market demands and create customised solutions to the UAE community."
The EGM reviewed and approved founders’ reports on establishment procedures and cost, approved the memorandum of association and articles of association, appointed the auditor and allocated fees, and announced the final establishment of the company.
"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,” Alqubaisi added.
According to him, the setup of Insurance House’s infrastructure is underway and is expected to be ready by the middle of next month.
"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," he revealed.
IH, he said, will be all set to commence its operations by this June, which is considered a record time for a public joint stock company in the insurance field.
Mohammed Othman has been appointed as the new general manager. 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 will operate its business from its headquarters in Abu Dhabi in addition to branches spread in Dubai and Sharjah.-TradeArabia News Service