Insurance House gets Listed on ADX and Officially Launches its Operations
20th June 2011

“ADX`s 65th listed company, and 1‎‏6‏th Insurance Company”‎

Abu Dhabi, 20 June, 2011 –In an event held at the premises of Abu Dhabi Securities Exchange (ADX) ‎and in the presence of a number of officials of the Market, Insurance House ‎shareholders, investors, and a vast number of media representatives, Abu ‎Dhabi Securities Exchange (ADX) has announced the listing of Insurance ‎House P.S.C (IH), a company specialized in insurance, within its listed ‎companies, whereby the company has launched its operations through ADX ‎under the ticker symbol “IH”. ‎

Rashed Al Baloushi, Deputy CEO, and Director of Operations at ADX, ‎welcomed Insurance House and said: “We hereby congratulate Insurance ‎House for its successful listing on ADX, and we look forward to work with the ‎company to witness its advancement and growth”.‎

At the first day of trading in Insurance House Shares, Al Baloushi said, ‎‎”Insurance House has obtained all regulatory and legal approvals related to ‎listing and trading in its shares, in accordance with the rules and regulations ‎adopted by ADX”.‎

Al Baloushi continued, "listing of Insurance House is very important for the ‎market and the company, where by it further strengthens its position in the ‎market locally, regionally and globally, and will secure future growth, not to ‎mention also that this process will open the doors to foreign investors and ‎local citizens who are looking for more opportunities to diversify their ‎portfolios".‎

Al Baloushi added, "As part of the program of best practices that we adopt ‎and apply through the operational mechanisms at Abu Dhabi Securities ‎Exchange, and in line with the strategy and aspirations of ‘Abu Dhabi Vision ‎‎2030’, we encourage more companies to list their shares in the market, ‎stressing through his speech the importance of new IPOs in giving investors ‎more opportunities to diversify their investments and therefore spread their ‎risk further, which consequently helps to enhance stability in the market ‎which in turn will attract more institutional investments to Abu Dhabi in ‎particular and the UAE in general”.‎

At his part, Mohammed Abdulla Alqubaisi, Chairman of Insurance House, ‎said, “We have been looking forward for this occasion and are very delighted ‎that investors will be given the chance to trade IH shares which have been ‎listed on ADX as of today”.‎

The official launch and listing of the shares is another milestone for the ‎company following a series of remarkable achievements since the completion ‎of the 1st successful post crisis Initial Public Offering (IPO) in the UAE. ‎Insurance House has been softly launched by the mid of last month, where ‎by several insurance policies have been issued. ‎

‎“With the support of Finance House being the major shareholder, we have ‎kept our pledge to investors and officially launched the operations at a ‎record period of time, allowing us to minimize setup and establishment ‎costs”, commented Alqubaisi.‎

‎“The enthusiasm of our board members, management team, and staff is ‎unparalleled. I am very comfortable that by means of their continued ‎eagerness and dedication, our ship will be cruising in the right direction”, ‎added Alqubaisi. ‎

‎“I would like to thank everyone who has supported us reach where we are ‎now. A special note to the concerned officials at ADX, Emirates Securities & ‎Commodities Authority, and the Insurance Authority”, continued Alqubaisi. ‎

To add to its existing staff and in line with ‘Abu Dhabi Vision 2030’, ‎Insurance House will be launching a program to attract and retain the best ‎UAE nationals in the insurance sector.

‎“On the occasion of the official launch of Insurance House, I would like to ‎invite UAE nationals to join our team and be part of this exciting and ‎promising venture”, concluded Alqubaisi.

Insurance House offers a host of comprehensive insurance products and ‎services to institutions as well as individuals from its head-office in Abu ‎Dhabi, in addition to branches spread in Dubai and Sharjah.‎