Middle East Insurance Company undergoes restructuring

Revamp comes as new insurance regulations take effect

Middle East Insurance Company undergoes restructuring

Insurance News

By Gabriel Olano

Jordan-based Middle East Insurance Company (MEICO) has been restructured to be part of Middle East Holding, a firm listed on the Amman Stock Exchange.

This was announced by MEICO chairman Zeid Kawar during the company’s 60th anniversary event on Monday. The event was attended by representatives of the Central Bank of Jordan, insurance industry leaders, and MEICO’s clients and shareholders. Kawar also unveiled the updated MEICO logo (pictured above) and honoured former chairman Samir Kawar and the late deputy chairman Wasif Azar, both of whom served the company for almost 40 years.

According to MEICO, with new insurance regulations coming into effect, the new ownership structure will provide considerable flexibility to continue managing, maintaining and expanding its non-insurance businesses and assets.

Following the restructuring, Middle East Holding will own the entirety of MEICO’s shares, which have been converted by current shareholders into the holding company. The group will have two new companies alongside MEICO: Levant Gate for Financial Investments Company and Levant Gate for Real Estate Investments Company.

“As we celebrate 60 years of MEICO, we are pleased to be aligning the company under the umbrella of Middle East Holding, consequently ushering in an era of transformation by introducing advanced technologies and progressive market approaches,” Kawar said. “With the recent shift towards digitalization across different business spheres, remaining abreast of the latest updates and developments has become paramount. The new uplifted logo revealed during the ceremony signifies the digital transformation path we are embarking on, with utmost confidence that we will not only meet, but also exceed the expectations and aspirations of our shareholders and clients alike.”  

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