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 & Chief Executive Officer. Also,  two new Board Directors, Mr. Akbar Habib and Mr. Khalifa Almulhem were elected.  

The board now consists of the following members:-

Mr. Majid Al Ghurair (Chairman)
Mr. Wasef Jabsheh (Vice Chairman & CEO)
Mr. Rateb Wazani
Mr. Akbar Habib
Mr. Amir Abu Ghazaleh
Mr. Mohammed Abu Ghazaleh
Mr. Khalifa Almulhem

In 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 sustained 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.”

The changes to the Board come soon after IGI increased its capital by US$75 million. The increase was effected through 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,” added Mr. Jabsheh.

The new Chairman, Mr. Majid Al Ghurair is a prominent United Arab Emirates businessman. He is the Chairman of Shuaa’ Capital, a leading investment banking institution in the Gulf region. His interests extend over many areas, including shopping centres and industrial as well as financial activities in the Middle East.

In addition to his new directorship of IGI Mr. Akbar Habib is also the Chief Executive Officer of Oman National Investment Corporation, 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 professional in the region and he is the Chairman of the National Polypropylene Company Limited. In addition to this he is a board member of diverse 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 operates from its headquarters in Amman. It commenced operations in 2002 and has subsequently attained a rating of BBB (stable outlook) from Standard and Poors. The company’s total assets stand at approximately US$ 200 million.

IGI underwrites worldwide facultative direct and reinsurance 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.

© 2006 Al Bawaba (www.albawaba.com)