Societe Insurance Brokerage (SIB) has increased its paid-up capital from EGP1m ($63,700) to EGP11m, ahead of the enactment of a new insurance law which would require insurance brokers to have a higher minimum capital.
Mr Sayed Raslan, SIB chairman and managing director, said that part of the EGP10m capital increase was funded from profits and the remainder by shareholders. He said that the authorised capital was increased from EGP20m to EGP200m, in addition to raising the issued capital from EGP2m to EGP20m, according to an Al Mal report.
The proposed new insurance law is setting EGP5m as the minimum capital for insurance brokerages.
SIB was founded in 2015. Property and liability insurance represents 80% of the company's portfolio and life and medical insurance accounts for the remainder, in terms of the premiums the brokerage generates for insurance companies.