Following the completion of the first successful post-crisis IPO in the UAE, Insurance House (IH), an Abu Dhabi based insurance company, announced today that it had received regulatory approvals and licenses, and would soon be commencing operations in the capital.
“Insurance House has just obtained all regulatory approvals, being the Ministerial Decree, license from the Department of Economic Development and Insurance Authority, allowing it to move expeditiously towards the finalisation of the establishment and commencement of operations,” the firm said in a statement.
Mohammed Othman, General Manager of Insurance House, said: “Insurance House’s infrastructure is in place, and we are now on course for finalising the internal operating procedures, policies, and product manuals. Human resources have been carefully selected, and regulatory licensing requirements are finalized. IH will be set to commence its operations within few days.”
IH will be operating its business from its head-office in Abu Dhabi, in addition to branches spread in Dubai and Sharjah, it said in the statement.The company will offer insurance services ranging from personal insurance to commercial insurance and special insurance, the statement said.
“We are fully prepared to commence our operations ahead of scheduled time,” Othman added.
Following the recent completion of its IPO on March 9, and the allotment of shares on March 23, IH was officially launched at its Establishment General Meeting (EGM) held on April 3, and is seeking to get its shares listed on the Abu Dhabi Securities Exchange within the next few coming weeks.