A new insurance firm was established this week in Jordan, under the name International General Insurance (IGI). With a paid-up capital of over 17.5 million Jordanian dinars ($25 million), IGI is thus the Kingdom's largest in terms of capital. The company, registered in Amman, is scheduled to commence operations next month.
IGI plans to target international firms operating in the region, specifically those dealing in the oil and energy sector, marine transport, property and construction. Company sources expect to double IGI’s capital to $50 million before year’s-end, making it the second largest insurance firm in the Middle East region.
“IGI is registered in Jordan but we operate under an offshore license. Our activities would thus be directed outside the Jordanian market,” Wasef Jabsheh, IGI chairman and chief executive officer (CEO), said in an interview to Mena Report. “We think that the size of the market allows for a company like ours to play an important role,” Jabsheh added.
Jabsheh boasts more than 30 years of professional experience in the field of insurance. “I was the general manager for the Abu Dhabi Insurance Company, considered one of the biggest and most successful firms in the Gulf region.”
Jabsheh also owned the International Marine and General Insurance company, which was later sold to an American corporation, the Houston Casualty Company (HCC), in 1994. “IGI’s vice president of underwriting held similar positions at the Commercial Union, one of the biggest insurance firms in the UK,” Jabsheh added.
IGI investors include Jabsheh himself and Mohammad Abu Ghazala. The Abu Ghazala family owns the Fresh Del Monte Company, a two billion dollar international producer, distributor and marketer of fresh produce.
In the future, Jabsheh plans to expand IGI’s business throughout the Middle East, particularly focusing on the Gulf Cooperation Council (GCC) countries. “The Arab markets are most important to us, including those both in the Gulf and North Africa regions.”
“Our headquarters are located in Amman and at present we have no specific plans to open further offices. In the near future, however, it is out intention to open marketing branches in a number of Arab countries,” Jabsheh disclosed.
“We have chosen Jordan as our base because it provides us with the best business environment. Jordan’s geographical location, operational expenses and the cost of registering a business here all compare favorably to other Middle Eastern countries, such as Bahrain or Lebanon,” Jabsheh explained.
Referring to the expected performance of the Jordanian economy in the year 2002, Jabsheh added “Jordan’s economy was affected, as all economies were, by the latest international developments, most specifically the September 11 attacks on the United States. But I believe that the Jordanian economy is on the right track. It is gradually growing and we hope that this will continue…” — (menareport.com)
© 2002 Mena Report (www.menareport.com)
