Insurance House to launch its IPO on 27 February
 
15th February 2011
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Abu Dhabi, February 15, 2011- Insurance House, an under establishment Abu Dhabi-based insurance ‎company, today announced that the Initial Public Offering (IPO) of 55 ‎per cent (or AED 66 million) of the Company's authorized share capital ‎of AED 120 million will be launched on 27 February, 2011.

The ‎Founders share of capital of AED 54 million (or 45% of capital) has ‎been subscribed with Finance House taking 36% of the company.‎ Approved by the Abu Dhabi Executive Council, the Insurance ‎Authority, the Emirates Securities & Commodities Authority and the ‎Department of Economic Development, the IPO is the first in the UAE ‎in over two years and a half, and is viewed by many as a test for UAE ‎capital markets revival. ‎ The IPO Advisor is FH Capital, the wholly owned DIFC based ‎investment banking subsidiary of Finance House. ‎

Insurance House has appointed Mashreq Bank as the lead receiving ‎bank, with the participation of the National Bank of Abu Dhabi (NBAD), ‎National Bank of Fujairah (NBF) and Finance House (FH) as receiving ‎banks. ‎ The subscription period will open on Sunday 27 February, 2011 and ‎will close on Wednesday 9 March, 2011. A full prospectus providing full ‎details of the IPO and the company, as well as a summary document ‎and subscription application forms shall be available from the four ‎receiving financial institutions from 23 February, 2011 onwards, and ‎further details about the IPO are available on Insurance House website ‎‎“www.insurancehouse.ae”. ‎

Mohammed Abdulla Alqubaisi, Chairman of Insurance House Founders ‎Committee and Chairman of Finance House said: “We are investing our ‎money and reputation in this new company, and are confident of the ‎success of the IPO and subsequently the company itself. We have a ‎proven track record among the investors community in the UAE, and ‎they know that we don’t bet on losing horses”‎‏.

Alqubaisi added: “We have worked out an overall strategy and a ‎detailed implementation plan to ensure success of the IPO and the ‎company. The key components of this strategy revolve around ‎establishing a professional organization with a high caliber ‎management team whom has an established record in the industry ‎and experience in insurance within UAE. ‎ ‎“We intend to minimize costs through utilization of support services ‎infrastructure available at Finance House.

In addition to that, ‎Insurance House will have access to Finance House’s marketing and ‎distribution networks, which shall provide the new company with ‎access to a significant volume of business during its initial days and ‎shall provide the new company with one of the largest (if not the ‎largest) marketing infrastructure among the UAE’s insurance ‎companies”, concluded Alqubaisi. ‎

Mohammed Othman has already 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.‎

Othman said: “Along with a team from Finance House, we have been ‎working for several months on finalizing all aspects of the company. ‎We are in the process of recruiting the management and personnel ‎required. We have finalized selection of IT system and implementation ‎is underway. Offices for the company has been identified, rented and ‎shall be ready by the end of March”. ‎ ‎“Along with the team from Finance House we are putting final touches ‎on the internal operating procedures and product policies and ‎manuals. We are also working to finalize the arrangements with re-‎insurers. Insurance House will be all set to commence operation within ‎a record time from the date of completion of the IPO, which shall ‎minimize overheads and expenses and ensure revenue start as early ‎as possible”, concluded Othman.‎