Egypt: Tharwa Capital on verge of clinching general and life insurance licences

Source: Middle East Insurance Review | Oct 2018

Tharwa Capital is awaiting final approval from the Financial Regulatory Authority (FRA) for licences for two insurance companies, one a general insurer and the other a life insurer.

Each insurer’s issued-up capital amounts to EGP100m ($5.6m), of which 50% is paid up.

The owners of each insurer shall be Tharwa Capital which will hold a stake of 80%, United Commercial Assurance of Lebanon which will own 15% and an individual investor will hold the remaining 5%, according to a report by Al Masdar.

A senior official said Tharwa plans to increase the paid-up capital of each insurer to EGP100m over a period of five years from the start of operations.

The two new insurers obtained the initial approval for their establishment from FRA last April.

Tharwa Capital is currently present in the insurance sector through Contact Insurance Brokerage owned by ContactCars, one of the group’s units.

To date, there are more than 30 insurers operating in Egypt. M

EGP1 = $0.06

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