Africa News - Egypt's insurance body seeks investments for proposed reinsurer

Source: Middle East Insurance Review | Dec 2015

The Insurance Federation of Egypt (IFE) and Misr Insurance Holding, the country’s biggest insurance group, are looking to attract foreign investors for a proposed new reinsurance company, the setting up of which has been in the works for more than a year. Prospective investors from Saudi Arabia, the UAE and Kuwait are reportedly among those to be approached.

The formation of the reinsurer is being spearheaded by IFE, while state-owned Misr Insurance Holding previously announced plans to take a 15% stake in the proposed reinsurance company.

Mr Abd El-Raouf Kotb, IFE President, said that a sub-committee of the the proposed company’s founding committee is seeking the help of marketing companies to promote the reinsurer, reported Al Mal News. He said that IFE has been able to secure commitments for 37% of the targeted capital of US$200 million to date.

PwC has finished a study on the feasibility of setting up the reinsurance company and its proposed business strategy.

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