Algeria: State-owned insurer increases capital by 25%
Source: Middle East Insurance Review | Nov 2018
The Algerian Insurance Company (CAAT) has raised its share capital to DZD20bn ($168.1m) from DZD16bn, an increase of 25%, the insurer has said in a statement. The capital increase was effected by capitalising reserves of DZD4bn.
With this increase in share capital, CAAT will continue its strategy of consolidating its financial strength and boosting its underwriting capacity, particularly for hedging large exposures, according to local media reports.
The reports noted that the 25% increase in share capital will also allow CAAT to increase its holding capacity and thus limit the transfer of foreign currencies.
CAAT was created in 1985 with a registered capital of DZD60m. M
DZD10 = $0.08