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AM Best Affirms Credit Ratings of Middle East Insurance Company Plc

By: via Business Wire

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Middle East Insurance Company Plc (MEICO) (Jordan). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect MEICO’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

MEICO’s balance sheet strength is underpinned by its risk-adjusted capitalisation being at the strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). Concentration in the company’s equity and real estate portfolios remain significant drivers of capital requirements. The balance sheet strength assessment considers MEICO’s unleveraged balance sheet, adequate liquidity, sound reserving practices and moderate underwriting leverage. The holding company assessment stemming from MEICO’s parent, Middle East Holding Company Plc (MEHC), is considered neutral, reflecting MEHC’s strong level of risk-adjusted capitalisation, as measured by BCAR, with its solvency drivers similar to MEICO’s.

MEICO has a track record of modest operating profitability, demonstrated by return-on-equity ratios of approximately 3% over the past five years (2019-2023). Underwriting performance has been adversely impacted by the results in its motor third party liability (MTPL) line of business, which is tariffed and unprofitable for the Jordanian market, translating into modest overall technical losses (as calculated by AM Best) for MEICO since 2021. However, the company has maintained underwriting discipline in business lines in which it controls rates, leading to a steady improvement in underwriting results since 2022. Despite some volatility, investment performance has contributed positively to MEICO’s operating results, as evidenced by a five-year (2019-2023) weighted average net investment return (including gains) of 2.8%, which has more than offset modest underwriting losses in recent years. MEICO’s operating performance is expected to remain modest, negatively impacted by technical losses on the compulsory MTPL line of business.

MEICO has established itself as a top-five player in Jordan’s highly competitive and fragmented insurance market. Whilst the company's business is well-diversified by line of business on a gross basis, it remains highly concentrated in the motor line on a net basis. Growth in insurance services revenue in 2023 of 10.6% was primarily driven by the reallocation of MTPL insurance business to incumbent insurers following the exit from the market by some insurers. Prospectively, premium growth is expected to be modest.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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