ACIG, Amana Insurance appoint financial advisors for potential merger

ACIG and Amana Insurance logos

Allied Cooperative Insurance Co. (ACIG) appointed, on Oct. 11, Alinma Investment Co. as financial advisor for the proposed merger with Amana Cooperative Insurance Co., the insurer said in a bourse statement.

In a separate statement, Amana said it appointed AlJazira Capital to advise on its potential merger with ACIG Insurance.

Future updates in this regard will be announced promptly, both insurers said.

Last month, ACIG and Amana signed a non-binding memorandum of understanding (MoU) to evaluate a potential merger, according to data compiled by Argaam.

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