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Solidarity's Jordanian subsidiary merges with Yarmouk

MANAMA, March 15, 2016

Solidarity Group Holding has successfully closed the merger between its Jordanian subsidiary, First Insurance Company and Yarmouk Insurance Company, Jordanian industry's first merger in 25 years.
 
The merger has resulted in a strengthened financial institution with a total paid up capital of more than $40 million, positioning itself among the largest capitalized financial institutions in Jordan.
 
Ashraf Bseisu, Solidarity Group chief executive and chairman of First Insurance, said: “The merger procedures between First and Yarmouk started through an acquisition transaction that was completed on Amman Stock Exchange in a deal worth 15 million US Dollars in April 2015 and required only 11 months to complete.
 
“Originally founded more than 30 years ago, Yarmouk Insurance is one of the deep-rooted insurance companies in Jordan operating in life and nonlife insurance businesses. The merged human resource base provides for the selection of a strong and a capable human capital pooled from within the existing resources.”
 
“We believe First Insurance will not only reinforce its position as the leading Takaful Company in Jordan but will also reinforce its position as one of the largest insurance service providers in the country overall. The growth opportunity in the Jordanian market is significant and now with our stronger presence and wider coverage and product range we have the perfect platform to capitalize those opportunities,” said Bseisu.
 
“As part of its growth strategy, Solidarity Group actively pursues promising expansion opportunities in the insurance industry within the Mena region.” - TradeArabia News Service



Tags: Insurance | Solidarity | merger | first | Yarmouk |

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