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
