Africa Re records premium income of $38.3 million in Egypt

African reinsurer Africa Re says its premium income in Egypt recorded 300 million Egyptian pounds (US$38.3 million).

Africa Re’s regional director Omar Gouda told Amwal Al Ghad on Monday that his company targets increasing its written premium rates in Egypt, taking the opportunity of its strong ties with all the insurance firms in the country.

Gouda also referred that Egypt is a founding member of Africa Re, and a key shareholder with 8.4 percent, represented in Misr Insurance Company, Misr Life Insurance, Mohandes Insurance Company, and the Egyptian Financial Supervisory Authority (EFSA).

The African Reinsurance Corporation (Africa Re) was established on 24 February, 1976 in Yaounde, Cameroon following a recommendation of the African Development Bank (AfDB), with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.

In June, A.M. Best affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of African Reinsurance Corporation. The outlook for both ratings was positive.