Solidarity Group Subsidiary acquires major stake in Jordanian Insurance firm

MANAMA, BAHRAIN – 8 April, 2015 – First Insurance P.L.C., Jordan a subsidiary of Solidarity Group Holding Bahrain, the largest Takaful group in the world, has acquired a controlling stake in Yarmouk Insurance Company in Jordan.
Originally founded more than 30 years ago, Yarmouk Insurance is one of the deep-rooted insurance companies in the country operating in life and nonlife classes of insurance. The acquisition transaction was completed on Amman Stock Exchange in a deal worth US Dollars 15 million.
“As part of its growth strategy, Solidarity group actively pursues promising expansion opportunities in the insurance industry within the MENA region” said Solidarity Group Chief Executive and Chairman of First Insurance, Ashraf Bseisu. “We are delighted to add Yarmouk Insurance to our portfolio of strategic investments which gives the Group access to life insurance in the Jordanian market”.
“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 overall. The growth opportunity in the Jordanian market is significant and now with our stronger presence and wider network we have the perfect platform to exploit those opportunities” said Mr. Bseisu.
He added, "The acquisition is by far the largest such transaction having taken place in the region in the past couple of decades”. “We are looking forward to what we believe will be an exciting time for the development of the Insurance and Takaful industry in Jordan and the region as a whole."