Amman – Jerusalem insurance (JICO) announced the completion of its acquisition of 72% of the shares of Arabia insurance – Jordan, after fulfilling all regulatory requirements and obtaining final approvals from the relevant supervisory authorities, including the Central Bank of Jordan, the Securities Commission, and the Companies Control Department.
This deal represents a significant milestone and is among the largest acquisitions in the history of Jordan’s insurance sector. It constitutes a strategic move within Jerusalem insurance’s plan to strengthen its presence in the local market, enhance competitiveness, and solidify its position as one of the leading insurance companies in the Kingdom.
In this context, the company increased its capital to 16 million Jordanian Dinars, reflecting its commitment to financial solidity and expanding its business base in line with its future ambitions.
The statement highlighted that the acquisition was carried out smoothly and strategically, aiming to enhance the quality of service for clients by combining the expertise of the two established insurance companies, maximizing shared resources, and achieving strong financial indicators once integration is complete.
Both entities will continue to provide their insurance services as usual, with a full commitment to maintaining a seamless customer experience during the transition. The companies will soon begin implementing integration plans, including unifying organizational structures, coordinating operational policies, and integrating systems and services, under a shared vision for sustainable growth.
Commenting on the acquisition, Mohammad Alayyan, Chairman of Jerusalem insurance said:
“This deal represents a pivotal moment in our company’s journey. It aligns with our expansion and growth plan, aiming to build a stronger insurance entity capable of meeting market demands and offering integrated solutions to clients.”
Meanwhile, Sufian Da’is, Chairman of Arabia insurance – Jordan, expressed confidence in the success of the integration, emphasizing that the corporate partnership will open new horizons for shareholders, clients, and employees and contribute to the development of Jordan’s insurance sector while raising service standards.
Imad Morrar, CEO of JICO, explained that both companies are preparing to enter a new phase of joint operations, adding:
“The transition is being managed carefully and smoothly, focusing on continuity of services without any impact on clients and ensuring operational stability across all areas.”
Similarly, Bassem Haddadin, General Manager of Arabia Insurance – Jordan, noted that the integration represents a promising opportunity for both parties, stating:
“We see this partnership as a strategic step toward a stronger and more effective future, and we will continue providing services with the same quality and professionalism, supported by complementary expertise and resources that enhance our competitiveness.”
This acquisition reflects a strategic transformation that will enable the unified entity to tackle market challenges more efficiently, strengthen its operational and financial capabilities, and cement its position among the top insurance companies in the Kingdom.