Egyptian Takaful Non-Life Renews Contract With Hannover Re

The Egyptian Takaful Company (Non-Life) succeeded in renewing the reinsurance agreement with Hannover Re Reinsurance Company for a new fiscal year, starting from last July, said Ahmed Morsi, head of technical affairs at the Company.

The new agreement states the same conditions of the last agreement, Morsi added. The return of political and economic stability to the country after the presidential election has contributed to finalizing the contract with the same conditions.

The reinsurance company did not set tough conditions on the company as the latter had posted good financial results in the last two years.

The Egyptian Takaful Company (Non-Life) has premiums of EGP 221 million in FY 2011/2012, up from EGP 176 million in FY 2010/2011, with an increase of 26%.