Amana Cooperative Insurance Company signed non-binding Memorandum of Understanding to acquire Allied Cooperative Insurance Group

Amana Cooperative Insurance Company (SASE:8310) signed non-binding Memorandum of Understanding to acquire Allied Cooperative Insurance Group (SASE:8150) on September 3, 2022. Amana Cooperative Insurance and Allied Cooperative Insurance will conduct technical, financial, legal and actuarial due diligence and engage in non-binding discussions on the terms and conditions of the potential merger. The proposed merger is subject to the completion of due diligence to the parties' satisfaction, agreement on final terms and conditions of the merger agreement, and the approval of the competent authorities and the general assemblies of Allied Cooperative Insurance Group (ACIG ) and Amana Cooperative Insurance Company.