UBL Insurers limited, a subsidiary of United Bank Limited, which is jointly owned by UBL, the Abu Dhabi Group, UAE and the Bestway Group, UK has been formally launched here on Monday. UBL Insurers has been licensed to transact general insurance business in Pakistan with effect from January 5, 2007.
This was announced by Atif R Bokhari, Chairman, UBL Insurers Limited and Khalid Hamid, CEO of the company, while addressing a press conference here on Monday.
They said that the paid up capital of the company was Rs 300 million, which made it the 4th largest in the industry amongst non-life, private insurance companies.
The decision to launch UBL Insurers Limited is part of a strategic initiative adopted by UBL to strengthen its market leadership in Pakistan and offer customers a range of integrated financial services, which is a unique proposition in the financial services sector in the country today.
UBL Insurers' vision is to establish a position as the premier choice among general insurance companies both for the corporate sector and individual customers. The mission of the company is to become a reputable general insurer by providing dedicated service to customers. This will be accomplished by recognising the customers' needs, providing unique products and servicing claims in an efficient and expeditious manner.
Every member of the UBL Insurers limited team is driven by the core principles of integrity, teamwork and mutual trust and each of them are committed to creating an environment that embodies a string set of core values.
Atif Bokhari, the President and CEO of United Bank Limited, is also the Chairman of UBL Insurers Limited. Khalid Hamid is CEO of the company.
United Bank Ltd is Pakistan's premier private bank with assets in excess of $6 billion. The bank has nearly 1050 branches in Pakistan, as well as offices, subsidiaries in the Middle East, UK and USA. It has over 14,500 employees.
The Abu Dhabi Group is a consortium whose members make joint investments in the UAE and overseas.
The consortium is led by Sheikh Nahayan Mabarak Al Nahayan, a prominent member of the ruling family of Abu Dhabi and Federal Minister of Education in the UAE. He is also the Chairman of United Bank Ltd.
The Bestway Group, headquartered in the UK, has a strong portfolio of investments in financial services, food & beverage industries, milling of food staples, cement and real estate management in the Middle East and Pakistan.
The Bestway Group, under the dynamic leadership of Sir Mohammed Anwar Pervez has invested over $750 million in Pakistan, the largest by any overseas Pakistani.
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