Egypt: Apex Insurance receives operating licence
Source: Middle East Insurance Review | Oct 2016
The Egyptian Financial Supervisory Authority (EFSA) has approved a licence for Amman-headquartered reinsurance broker, Apex Insurance, to set up a subsidiary.
Apart from its Jordanian parent company, Apex Egypt will have two individuals as shareholders. The new brokerage will begin operations upon completion of certain administrative procedures.
In February 2016, Mr Zuhair Al Atout, Chief Executive of Apex Insurance, had said that the reinsurance brokerage was seeking approval from EFSA to enter the Egyptian reinsurance brokerage market.
A senior executive with Apex Egypt said that the company will benefit from Apex Insurance’s business relations with Egyptian insurance companies, including Egyptian Saudi Insurance House, Mohandes Insurance, Royal Insurance, and Tokio Marine Egypt General Takaful.