First Insurance, Jordan, a subsidiary of Solidarity Group Holding Bahrain, has acquired a controlling stake in Yarmouk Insurance Company in Jordan.

Originally founded more than 30 years ago, Yarmouk Insurance is one of the deep-rooted insurance companies in the country operating in life and non-life classes of insurance, said a report in the Gulf Daily News (GDN), our sister publication.

The acquisition transaction was completed on Amman Stock Exchange in a deal worth $15 million.

"As part of its growth strategy, Solidarity group actively pursues promising expansion opportunities in the insurance industry within the Middle East and North Africa region," said Solidarity Group chief executive and First Insurance chairman Ashraf Bseisu.

"We are delighted to add Yarmouk Insurance to our portfolio of strategic investments which gives the group access to life insurance in the Jordanian market.

"First Insurance, with its newly acquired subsidiary, will not only reinforce its position as the leading takaful company in Jordan, but will also become one of the largest insurance service providers in the country overall," he added.

Bseisu said the Jordan market offers a significant growth opportunity and with a stronger presence and wider network, the firm had the perfect platform to exploit the opportunities.

"The acquisition is by far the largest such transaction that has taken place in the region in the past couple of decades," he added. - TradeArabia News Service