Abu Dhabi – Mubasher: Insurance House (IH) on Tuesday announced that it has closed an AED 15 million perpetual bond issuance.

IH is the first insurer to issue perpetual bonds in the UAE, the company said in a statement on Tuesday.

“The transaction was subscribed by a wide range of investors from private and public institutions, as well as high net worth individuals,” the statement highlighted.

IH, which was established in 2011, noted that it has issued the bonds in a bid to support its growth plans by boosting the solvency ratios further as the company moves on to its next phase of growth.

“We are pleased to announce the successful issuance of IH’s Perpetual Bonds. The issue was received positively by the market and has further strengthened the company’s position. As a result, we are now well-positioned to accelerate our future growth,” Mohammed Abdulla Alqubaisi, chairman of IH, commented on the issuance.