Odyssey Re acquires 4.8% of Jordan Kuwait Bank

The reinsurer Odyssey Re, majority-owned by the Canadian Fairfax, has acquired 4.8 million shares of Jordan Kuwait Bank (JKB), in which KIPCO is the reference shareholder. This amount represents 4.8% of the bank’s capital. Fairfax had already expressed its interest in Gulf Insurance Company (Kuwait) and in the Jordanian insurer Arab Orient Insurance.
In September 2010, KIPCO and Fairfax agreed about the entry of the latter in the capital of Gulf Insurance Group (GIC) up to 39.2%. Following this agreement Fairfax became GIC’s second largest shareholder behind KIPCO.