The Arab Insurance Group (ARIG) and a group of prominent Jordanian businessmen have agreed to sell its 65.4 percent holdings in Arab Jordanian Insurance Group (AJIG) while continuing to hold a 10 percent interest in AJIG.
The group of investors is led by the Chairman of AJIG Jawad Hadid and Board Member Ousama Shahed. For ARIG, the divestment represents the implementation of its strategy to streamline operations and further focus and develop its core reinsurance business, stated a press release. The company previously sold its controlling stakes in Lebanon's ALIG and Tunisia's ATIG.
ARIG is one of the largest Arab-owned insurance and reinsurance companies in the Middle East. In addition to its reinsurance operations undertaken from its headquarters in Bahrain, the group operates subsidiaries in Morocco, Egypt, Jordan and the United Arab Emirates (UAE). — (menareport.com)
© 2004 Mena Report (www.menareport.com)
