Allianz’s Bashar Sawas To Be Named MD Of Solidarity Takaful: Sources

The Lebanese Delta Insurance Holding Company will appoint Bashar Sawas, the General Manager of Allianz Insurance Company – Egypt, as the Managing Director of Solidarity Family Takaful which it recently acquired, an official source told Amwal Al Ghad.

The Lebanese Company will conduct some expansions in Solidarity after completing the procedures of acquisition as it plans to move the headquarters from Nasr City to El Tagamu El Khames (Fifth Settlement).

It is worth mentioning that the Lebanese Delta Insurance Holding Company won its bid to acquire Solidarity Family Takaful after competing with Allianz Egypt over acquiring the company. The acquisition procedures are expected to be concluded by next October. All members of the board of directors of Solidarity including Ahmed Ramadan, the Managing Director, will submit their resignations after the acquisition.

The Solidarity Family Takaful had net premiums of EGP 12.2 million at the end of FY 2010/2011, according to the statistical book issued by EFSA. The Company’s paid-up capital is EGP 40 million and authorized capital is EGP 60 million.