Jordan: First Insurance takes stake in local insurer

Source: Middle East Insurance Review | May 2015

Amman-headquartered takaful operator, First Insurance Co, has acquired a controlling stake in Yarmouk Insurance Co, a composite player in Jordan.

The acquisition was completed on the Amman Stock Exchange in a deal worth US$15 million, reported Gulf Daily News.

First Insurance, established in 2007, is a subsidiary of Solidarity Group Holding of Bahrain.

“As part of its growth strategy, the 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, Mr Ashraf Bseisu.

“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,” he added.

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