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 3rd 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.
International rating agency A.M Best has affirmed the financial strength rating of B++ (Good) and Long-Term Issuer Credit Rating of “bbb+” of Solidarity - First Insurance Company.
According to A.M Best the ratings reflect SFIC’s balance sheet strength, which A.M Best categorizes as very strong, as well as an adequate operating performance, limited business profile and appropriate enterprise 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.
