The monumental success of First Insurance Company (FIC) was not without challenges. Established by a group of private shareholders in 2007 and catapulting to a fully operational establishment by 2008, we were aware of the fact that the market was both overly crowded and exceedingly fragmented. Witnessing a period rife with economic instability, 2008 was an especially challenging year across the board.
Eighty percent of the company is currently owned by Solidarity Group, a Bahraini company that owns a substantial network of insurance companies operating in various countries.
The company abides by Takaful Islamic insurance, a policy where all parties guarantee each other and make contributions to a mutual fund instead of paying a premium. FIC is currently one of only two companies to offer Islamic Insurance services in Jordan.
Yet, we persevered, and shortly after we received our first recognition in the form of a secure rating of B++ (stable outlook) by the international rating agency A.M. Best, the oldest global financial strength rating agency, which is considered the highest rating given to a Jordanian insurance company.
AM Best indicates in their report that the rating reflects FIC’s superior level of risk-adjusted capitalization and good overall financial performance. In addition, AM Best reflects on FICs overall achievement by stating that FIC has successfully established itself within the Jordanian market since inception and is likely to become the leading Takaful insurer in Jordan over the short to medium term.
First Insurance is one of four- of the original 25 insurance companies currently operating in Amman- to be rated and this rating was the highest score to ever be achieved by any insurance company in Jordan.
FIC also obtained the best Takaful Insurance Company award in the MENA region category by the Islamic Business & Finance Review Magazine.
In a magazine article, it was stated that FIC was chosen for this award due to its exceptional growth rate during the past 3 years, considered the fastest in Jordan and the region; its high financial solvency placing it on top of Jordanian and Islamic companies in the region, with the stability of its unique insurance portfolio in markets beat by automotive and medical insurance, in addition to its diverse client base and unique customer service and product development.
Our competitive edge essentially comes down to our solid network of branches in Amman. We currently boast 13 branches, all conveniently dispersed through different areas of the capital.
Today, FIC is proud to announce another success as it becomes the majority shareholder in Yarmouk Insurance Company (YIC), owning directly and indirectly 76% of the company. This merger is a merger of solvents; a merger of financially sound, solid and successful operations. This endeavor will be a major stepping stone in our company’s journey to achieve maximum growth and create strong entities.