A.M. Best Affirms Credit Ratings of Middle East Insurance Company Plc
The ratings reflect MEICO’s balance sheet strength, which
MEICO’s balance sheet strength is underpinned by risk-adjusted capitalisation at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). Despite significant exposure to investment risk stemming from the company’s equity and real estate holdings,
MEICO has a track record of strong operating results, with a five-year (2013-2017) average return on equity of 6.7%, supported by robust underwriting performance and modest investment returns. Over the last two years, fierce competition in Jordan’s insurance market has increased the pressures on technical margins, and MEICO’s combined ratio deteriorated to 95.8% in 2017 (88.8% in 2015). Despite the prevailing soft market conditions,
Although MEICO has a good competitive position within
Whilst MEICO has evidenced strong control over its underwriting operations, the company’s ERM framework lacks sophistication. However,
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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