Egypt: Proposed reinsurer to have US$450 mln in capital
Source: Middle East Insurance Review | Mar 2015
Egypt’s national reinsurance company will be established with capital of about US$450 million, higher than previously stated.
Dr Mohammed Yusuf, Chairman of Egypt’s Insurance Holding Company, confirmed the new figure, according to a report by Al Wafd newspaper. However, no details of the shareholders were provided.
In January last year, four companies agreed to contribute towards establishing an Egyptian reinsurance company with a total capital of $200 million, sources said. The four companies were Insurance Holding Company (IHC), Suez Canal Life Insurance, Egyptian Saudi Insurance House and Wethaq Takaful Insurance Company.
Other insurance firms, banks and financial institutions are expected to be roped in to contribute to the capital of the new reinsurer, which is scheduled to start operations this year.
The reinsurance company will serve the Egyptian, Arab and African insurance markets. One of its objectives is to retain business in Egypt, reported Al Wafd.