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January 24, 2012

 

First Insurance Company obtains a rating of B++ in financial strength

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The international rating agency A.M. Best, assigned First Insurance Company a financial strength rating of B++ (stable outlook) 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 capitalisation 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.

 

The chairman of the board, Mr. Ismail Tahboub, emphasized that this rating places First Insurance company among the largest insurance companies not only in Jordan but in the Arab world, and increases clients’ confidence in the financial situation and insurance protection provided by the company, particularly during these turbulent times which the region as well as the Jordanian insurance sector are going through.

 

Mr. Tahboub also stressed that this important achievement becomes significant when obtained by a young company such as First Insurance Company; he also added that high growth rates and the balance in portfolio between different insurance classes were among the critical factors in obtaining this rating.

 

Dr. Ali Wazani, the CEO of First Insurance Company, expressed his happiness for this achievement and express thanks to the company's team, clients, reinsurers, and reinsurance brokers and said “this achievement always reminds us of the company's vision which urges us to provide the best value, and this rating which comes after one month of being awarded the best Takaful operator in the MENA region (non-GCC) for 2011 by  Islamic Business & Finance magazine which boosts our confidence in our strategy to achieve our objectives.

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