Established in 2007, Solidarity - First Insurance Company is a relatively fresh face in Jordan’s crowded insurance market. However, in a short period of time, the company has gone from newcomer to a market leader, climbing from 25th place in 2008 to 4th place today in terms of market share.
FIC’s financial standing has deeply solidified its position as a market leader. Following the acquisition and the merger with Yarmouk Insurance Company, the company increased its paid-up capital from JOD 24 million to JOD 28 million, maintaining its position as the second highest capitalized insurer in the Kingdom.
With a compound annual growth rate of 13.46% in the last 5 years, Solidarity - First Insurance Company is the fastest growing insurance outfit in the Kingdom. Moreover, it has the highest solvency margin in the market for the year 2018; with strong ties to major international reinsurers that strengthen its offerings to all clients, individuals and corporates.
International rating agency A.M. Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) for the seventh consecutive year, and upgraded the Long-Term Issuer Credit Ratings to “bbb” with a positive rather than stable outlook. The outlook for the FSR remained stable.
Upgrading and affirming these credit ratings reflect the company’s balance sheet strength, according to A.M. Best’s ratings, benefiting from a low level of underwriting leverage, a reinsurance program of good credit quality, conservative investment profile and Appropriate Risk Management.
The company’s merger with Yarmouk Insurance Company marked a major turning point. After all, Yarmouk Insurance had been operating in Jordan for 35 years and enjoyed the highest solvency margin. Not only did the deal, which was finalized in 2016, prove crucial for FIC expansion, but it was also a shot in the arm for the Kingdom’s feeble and fragmented insurance market, where no comparable merger had taken place in more than 25 years, even as many companies face insolvency.
One key outcome of the merger was the improvement and expansion of FIC services. Originally established with a focus on Islamic-based insurance principles (Takaful), FIC today provides a range of diversified insurance services including motor, property, general accidents, medical, and aviation. Add in Yarmouk’s robust life insurance program, that FIC obtained through the acquisition, and you have the full package.
The company serves its corporate and individual clients through 16 branches and sales points, more than any other insurance company in the Kingdom.
Solidarity - First Insurance Company is part of the world’s biggest Takaful group, Solidarity Group Holding, fortifying its position as a local insurer with international flair. This has also helped the company launch its operations for GCC clients more fluidly. FIC continues to thrive on strong human resources as well, thanks to a well-qualified and experienced team whose qualifications place them among the most professional insurance handlers and consultants in the market.
With these formidable developments, the company believes it has moved a step closer to becoming the insurer of choice for most Jordanian clients and, most importantly, providing them with unparalleled services that they will not find elsewhere in the local market.