At the beginning of the year 2005, a number of prominent businessmen conducted a feasible study of the Iraqi Insurance market, and its projected development concluded that there is a need for a private Insurance companies, and consequently agreed to establish an Insurance company, who can operate locally and worldwide and build up a good business relations, to fill in the gap created by the market's need and the potential economic growth.

The process of establishing the Union International Insurance Company (Al-Etihad Ins. Co.) started on 23rd October 2005, the establishment certificate No. 29175 issued in 18th of April 2006. Then followed by the business practicing license which granted in the 17th of August 2006 under the number (11/2006) issued by the Ministry of Finance with a paid up Capital of 500,000,000 ID and due to recent development in the market and the good results achieved by the company it has been decided recently by major shareholder to increase the company's Capital to 5,000,000,000 ID (Five Billions Iraqi Dinars) which expected to strengthen the company's financial stand and raise its capacity and ability to compete and expand its activities