Jerusalem Insurance has announced the completion of its merger with Arabia Insurance-Jordan, following the fulfilment of all legal and regulatory requirements and the receipt of the necessary approvals from the relevant authorities.
Jerusalem Insurance increased its paid-up capital to JOD17.71m ($25m) through the issuance and allocation of new shares to the non-controlling shareholders of Arabia Insurance–Jordan.
As part of the process, Arabia Insurance-Jordan has been officially deregistered as the merged entity, said Jerusalem Insurance in a statement.
Following the merger, Jerusalem Insurance is the surviving company and the legal successor to Arabia Insurance–Jordan, assuming all its rights, obligations, and liabilities in accordance with the provisions of the Jordanian Companies Law.
A new chapter
Mr Imad Morrar, CEO of Jerusalem Insurance, said, “Completing the merger is not the end of a process, but the start of a broader phase of growth and development. By bringing together the expertise and capabilities of both companies and unifying best practices and resources, we are well positioned to deliver more advanced and efficient insurance solutions while creating greater value for our customers, shareholders, and business partners.”