ARIG reduces shareholding in Arab Jordanian Insurance Group

The group of investors led by the Chairman of AJIG, H.E. Mr. Jawad Hadid, and Board Member, Mr. Ousama Shahed, represent a group of Jordanian businessmen who want to strengthen their position in the burgeoning and profitable Jordanian insurance market.

AJIG will provide a gateway to insurance products and services for the new investors and their individual business activities. Mr. Jawad Hadid commented: "AJIG is a pefect platform for this objective. It already has a solid book of profitable business, no legacy issues to deal with, highly liquid assets and - first and foremost - excellent people and systems."

Mr. Oussama Shahed added: "We are thrilled by the fact that ARIG has decided to keep 10% of the shares in AJIG. Easy access to reinsurance markets, solid underwriting and product development skills and many years of experience in the insurance industry are tangible benefits they will secure for the operation."

For ARIG, this divestment represents implementation of its strategy to streamline operations and further focus and develop its core reinsurance business ARIG had already divested successfully from their controlling stakes in ALIG (Lebanon) and ATIG (Tunisia). ARIG still holds significant investments in a number of insurance operations in the Middle East and North Africa. Udo Krueger, ARIG's Chief Executive Officer stated:"We are pleased with the result of our discussions and the short time in which the transaction was completed. Takeover discussions are always sensitive in nature and can disrupt operations significantly. The fact that all parties cooperated successfully in the Board of Directors of AJIG surely helped in the process." He continued:"I am convinced that with the support of its new owners AJIG will now be firmly placed among the top five insurance companies in Jordan."