Amman, Aug. 9 (Petra) – The merger of Jerusalem Insurance Company
with Arabia Insurance Company – Jordan (AICJ) has been completed
after fulfilling all legal and regulatory requirements and securing
the necessary approvals, raising the company’s capital to JD17.7
million.

According to a company statement on Sunday, Jerusalem Insurance
increased its capital through the issuance and allocation of shares
to the AICJ’s non-controlling shareholders, in accordance with
approved financial and legal procedures and measures safeguarding the
rights of all shareholders.

The AICJ has been deregistered following completion of the merger,
with Jerusalem Insurance becoming the acquiring company and legal
successor and assuming all rights and obligations of the merged
company in accordance with the Jordanian Companies Law.

The company said the merger marks a strategic milestone and the start
of a new phase of growth, bringing together the expertise,
capabilities and resources of the two companies while strengthening
Jerusalem Insurance’s financial position, solvency and
competitiveness.

The merger is also expected to provide a broader foundation for
expansion and the development of insurance products and services, the
statement said.

Jerusalem Insurance CEO Imad Marar described the completion of the
merger as the beginning of a new phase of growth and development,
with the company drawing on the combined expertise and capabilities
of the two companies and integrating best practices and resources to
provide more advanced and efficient insurance services and solutions.

Marar said the company will seek to enhance the value it provides to
clients and shareholders while ensuring the continuity of all rights,
obligations and services without disruption.

Jerusalem Insurance will continue to fulfill the AICJ’s insurance and
legal rights and obligations while completing the institutional and
operational integration process and unifying systems, procedures and
services, according to the statement.

The company said the process is intended to ensure a smooth
transition and safeguard the interests of clients, shareholders,
employees and other stakeholders.

The merger, it added, marks a new phase for Jerusalem Insurance and
Jordan’s insurance market by strengthening the company’s ability to
develop integrated insurance solutions, respond more efficiently and
flexibly to customer and market needs, create sustainable value for
stakeholders, and contribute to the growth and development of the
Kingdom’s insurance sector.

//Petra// AJ