Egypt: FRA grants first licence to group of individual brokers
Source: Middle East Insurance Review | Feb 2020
The Financial Regulatory Authority (FRA) has agreed to grant the final approval for a licence to Union Insurance Brokerage, which is made up of a group of individual brokers.
This is the first time that the FRA has granted a licence to an entity formed by individual brokers. The new entity is not the typical family-owned business.
Mr Mahmoud Orabi, managing director of the company, said he holds a 48% stake in the firm and the remaining 52% is owned by other partners in different proportions. The shareholders are all individual brokers with more than 20 years of experience in the field.
Union aims to sign brokerage contracts with 14 insurers for a start. The broking firm will focus on all insurance activities – property, public liability, life and health – for a diversified portfolio. M