4 Approvals Received to Establish Egypt’s First Reinsurance Firm

Senior sources revealed that the Insurance Federation of Egypt received an initial approval from 4 companies in order to contribute in establishing Egyptian reinsurance company with total capital US$200 million.

The sources has informed Amwal Al Ghad that the four companies are Insurance Holding Company (IHC), Suez Canal Life Insurance and the Egyptian Saudi Insurance House in addition Wethaq Takaful Insurance Company.

They emphasized that the percentage contribution of these companies will be determined according to the board of directors’ vision, stressing that it is expected that the Federation will receive the approval of the rest companies to contribute in establishing the company.

Insurance Federation of Egypt agreed with the General Authority for Financial Control in coordination with the leaderships of companies to form committee for studying the establishment of a national reinsurance company with paid up capital US$200 million within the last month.