Senior sources in the Insurance Federation of Egypt revealed that Iskan Insurance and Suez Canal Life Insurance Companies asserted to the Federation their initial approval in order to establish Egyptian Reinsurance Company with total capital up US$250 million.
The sources informed Amwal Al Ghad in an exclusive that after the two companies’ approvals the total consents become 6 representing in Insurance Holding Company, Suez Canal Life along with Wethaq Takaful Insurance-Egypt and Egyptian Saudi Insurance House, in addition the new two companies.
He added that it is schedule to start studying the feasibility of the company as a prelude to take measures for establishing the company during the coming phase.
The sources said it will be determined the companies’ contribution according to the vision of the board of directors within the next time, stressing that it is expected for the federation to receive the rest approvals of the companies.
It is worth mentioning that the Insurance Federation of Egypt and the Egyptian Financial Supervisory Authority agreed in the last month in coordination with the leaderships of insurance companies to form committee to study the establishment of a national reinsurance company with paid-up capital of US$ 200 million.