[2] Abdur Rahman Siddiqui of Surat and Khonkar Fazle Haider of Murshidabad district were the company's founders.

[3] Siddiqui and Haider executed a “memorandum of understanding”[4] in 1931 with one of leading British insurance companies, the “Atlas” and Messrs. B.M.

Sir Victor Sassoon became the largest foreign shareholder[7] and Mirza Ahmad Ispahani bought most of the shares of the EFU.

By 1946 the company started to move ahead steadily but major upheaval of the century had occurred, in which Muslims all over the sub-continent sustained immense loss, both of life and property after creation of Pakistan.

Buksh, introduced a system of training classes and expanded the entire field organization on scientific lines.

[12] In 1960, the company almost reached the door of bankruptcy due to bad underwriting against marine hull business on overseas account.

[13] Abbas Khaleeli, a former bureaucrat and Roshen Ali Bhimjee, owner of Insurance Agency Pak Underwriters were credited for averting the bankruptcy.

He was recognized as the “driving force”[16] who “had successfully helped to grow the company into the leading and dominating position”[17] in the country.