Jordan French Insurance Company “JOFICO” was established in 1976, in affiliation with “Companie Financier Du Group Victire of France”. Through the decades, the company’s history tells a story of ambitious expansion and success.
In 1987, “Lincoln National Life Insurance Co.” of Fort Wayne, Indiana, USA, bought shares in the company and became the first and then the only U.S. firm to hold equity in a Jordanian public shareholding company and to sit on its Board of Directors. Accordingly, JOFICO’s life insurance department started. In 1989 JOFICO took over the Jordanian operation of “Provincial Insurance PLD”, a U.K based firm and allowed the company to sit on JOFICO’s Board of Directors and to become the first and then the only British firm to sit on a Jordanian board.
In 1997 major changes took place in JOFICO when the Jordan Armed Forces, The Jordanian Economic & Social Organization for Retired Servicemen & Veterans, and the Jordan Social Security Corporation bought equity in the company and became shareholders and Board Members and by time JOFICO increased its capital to 10,000,000 JOD through general subscriptions with a paid-up capital to reach 9,100,000 JOD.
In 2000, a new era started when JOFICO and partners purchased 70% of “Al-Mashriq Insurance Co. Ltd. in Ramallah, Palestine and took over its Board of Directors and direct management. And then in March 2006, JOFICO participated in establishing “NIC National Insurance Company” in Syria with full technical and managerial support. The company was the first to obtain an insurance license in Syria after 50 years of government monopoly.
Recent years have witnessed local expansion in Jordan, with a branch opening in Salt in 2010, followed by a branch in Aqaba in 2012 and a branch in Zarqaa in 2014. Additionally, in 2014 and due to intense competition among insurance companies, JOFICO established the marketing department to increase its market share.
JOFICO’s slogan is “Your Solid Guarantee” which reflects the fact of JOFICO’s financial and professional abilities to be a reliable partner to protect client’s business and properties and also to reflect the vision for its shareholders which is to achieve good underwriting results to better reflect on the profits and ensure a high level of return on investment, and the vision for its policy holders which is to strive to achieve a cooperative and lasting customer relationships, with excellent financial strength.
JOFICO’s mission is to set the standard for excellence in service and deliver high quality insurance protection to meet the ever changing needs of our customers at fair prices.
JOFICO works with leading Reinsurers and Reinsurance Brokers. The placement of JOFICO’s treaties with International Reinsurers is evaluated based on the abilities of reinsurers to fulfill their contractual obligations, reputation in the international market holding no less than a credit rating of (A Excellent) as rated by International Rating Agencies through well-known, experienced Reinsurance Brokers. JOFICO also holds the distinguished “ISO 9002.1194” certificate.