Amman, December 2022: Commemorating the 60th anniversary of Middle East Insurance Company (MEICO), Chairman Zeid Kawar announced during the ceremony the restructuring of the company to become part of Middle East Holding, which is listed on the Amman Stock Exchange. The ceremony – held on 12 December 2022, at St. Regis Amman Hotel – was attended by representatives of the Central Bank of Jordan, the insurance industry, and a host of distinguished company clients and shareholders. In conjunction with the restructuring announcement, Kawar also unveiled the new uplifted logo of MEICO and honored former MEICO Chairman H. E. Eng. Samir Kawar and Deputy Chairman H.E. the late Mr. Wasif Azar, both of whom served the company for approximately 40 years.
With the new restructuring, Middle East Holding will own all the shares in MEICO, which has been converted by the current shareholders into the holding company, while joining two new companies, alongside MEICO, namely Levant Gate for Financial Investments Company and Levant Gate for Real Estate Investments Company. With new regulations and systems governing insurance companies going into effect, MEICO will gain considerable flexibility under its new ownership structure to continue managing, maintaining, and expanding its non-insurance operations and assets – whilst growing its investments and businesses, entering new markets and opportunities with greater ease, as well as ensuring improved agility with regards to future purchase and sale transactions.
“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. 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.”
Meanwhile, MEICO CEO, Dr. Rajai Sweiss, reiterated the company’s noteworthy achievements throughout the past 20 years, from growing its capital and expanding its business to bolstering the rights of its shareholders to become the largest in the local insurance market and pioneering several types of insurance, among other significant accomplishments.
In turn, MEICO General Manager, Eng. Majed Smeirat presented key information regarding the remarkable professionalism of the company’s technical and administrative staff; available incentives; business and data systems development; and governance and risk management systems – in order to elevate operations on par with world-class standards and ultimately deliver premium services.
Furthermore, the restructuring of Middle East Holding and its subsidiaries will facilitate diversification into new investment streams beyond insurance, thereby positively impacting returns, shareholder rights, and client base expansion.