AJIG and Al Baraka merge

First merger in Jordan. Arab Jordan Insurance Group (AJIG) and Al Baraka announced their intention to merge. Their listings in the Amman Stock Exchange, were suspended pending the implementation of this transaction whose date has not yet been formalized. Both companies were founded in 1996. They each have a capital of 14 million USD.                                               Before the merger, the Jordanian market was made up of 28 insurers generating a turnover of 510 million USD in 2009. AJIG, 16th company in terms of premiums, owns 2.86% of the market, while Al Baraka controls 1.86%.