Insurance House Launched at its Establishment General Meeting
 
3rd April 2011
20110403_insurance-house-egm-2011

Abu Dhabi, April 03, 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.‎