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 broker is not the usual family owned business.
Mr Mahmoud Orabi, the managing director of the company, said that 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 insurance companies for a start. The broking firm will focus on all insurance activities—property, public liability, life and health—for a diversified portfolio.