In an extraordinary general meeting of International General Insurance Company Ltd (IGI), held on 24th January 2006 in Amman, Mr. Majid Al Ghurair was elected Chairman and Mr. Wasef Jabsheh was elected Vice Chairman and Chief Executive Officer.
Besides these members, the IGI Board of Directors now consists of Mr. Rateb Wazani, Mr. Akbar Habib, Mr. Amir Abu Ghazaleh, Mr. Mohammed Abu Ghazaleh, and Mr. Khalifa Almulhem.
Commenting on the elections, Mr. Wasef Jabsheh, said: “On behalf of IGI, I welcome Mr. Al Ghurair and his fellow directors to the company and look forward to working with them. The new Chairman and Board demonstrate IGI’s ongoing commitment to achieve sustainable profitable growth supported by a management team of the highest calibre. We have an ambitious vision to be the specialty insurer of choice in the region and believe that new investors and directors will help us to achieve this.”
Mr. Jabsheh added: “The changes to the Board come soon after IGI increased its capital by US$75 million. The increase was brought about by a private placement of 814,882 shares representing 44.9% of the capital stock. The transaction attracted sophisticated institutional and individual investors from across the region. The Board has been increased in size to reflect the increase in shareholders.”
The new Chairman, Mr. Majid Al Ghurair, is a prominent UAE businessman. He is the Chairman of Shuaa’ Capital, a leading investment banking institution in the Gulf region. His Middle East business interests also include retail and manufacturing.
In addition to his new directorship on the Board of IGI, Mr. Akbar Habib is also the Chief Executive Officer of Oman National Investment Corporation, and the Chairman of two other insurance companies, National Life Insurance Company and Al Ahlia Insurance. He is also on the board of several financial institutions in the region.
Mr. Khalifa Almulhem is an experienced business professional in the region and is the Chairman of the National Polypropylene Company Limited. He is also a board member of a number of companies based in Saudi Arabia and Europe.
IGI is incorporated in the Hashemite Kingdom of Jordan under the Tax Exempt provision of Jordan’s laws, and has its headquarters in Amman. It started operations in 2002 and has since attained a rating of BBB (stable outlook) from Standard & Poors. The company’s total assets stand at approximately US$200 million.
IGI underwrites worldwide facultative direct and re-insurance business with a geographical focus on the Middle Eastern, Far Eastern and African markets. IGI’s core business is energy, marine and commercial/industrial property.
