Iskan Insurance Egypt Pumps EGP25mln in its Capital to Boost Underwrite Rates

Iskan Insurance Egypt Company decided pumping EGP25million paid up capital which up EGP75million during the current month to continue its issued capital that reaches EGP100million, Mr. Hammam Badr. Chairman & Managing Director asserted.

Speaking to Amwal Al Ghad Arabic’s Website, Hammam explained that it is currently filing the shareholders the banks’ value of this boost by the upcoming few days, as a prelude to  continue the measures including Egyptian General Supervisory Authority (EFSA) and General Authority for Investment and Free Zones (GAFI).

Iskan attained 8% growth in the targeted premiums within the first 3 months of the ongoing fiscal year 2013/2014, stressing that the expected economic growth of the Egyptian market will contribute in attaining higher rates in the size of insurance Companies’ premiums, Hammam noted.

Around the company’s direction for launching Mutual fund, Hammam asserted that Iskan is considering launching Mutual fund in the light of the presence of major banks and companies in the ongoing period through its investment committee.