Egypt plans to make the largest insurance company in Italy among the contributors to its first national reinsurance company.
According to Mohamed Youssef – Chairman of Misr Insurance Holding, Egypt is currently holding negotiations with Assicurazioni Generali S.P.A. so as to invest in the Egyptian first national reinsurance company.
Assicurazioni Generali S.p.A. is the largest insurance company in Italy and the fifth largest insurance group in the world. As of 2014, the company ranks 48th on the Fortune 500 Global 500 list of companies.
The Egyptian official further stated on Wednesday that the Constituent Committee for the Egyptian reinsurance company decided in its latest meeting to select PricewaterhouseCoopers (PwC) to conduct the feasibility study. PwC has already started the first phase of the feasibility study, Youssef noted.
The first phase will include a marketing feasibility study on the anticipated Egyptian reinsurance company and on the local and regional insurance markets, he added. The first phase of studies will be finalised with two or three months.
The Constituent Committee members for the Egyptian reinsurance company include Misr Insurance Holding Company, Misr Insurance Company, Misr Life Insurance, Suez Canal Insurance, Suez Canal Life Insurance, Wethaq Takaful Insurance, Egyptian Saudi Insurance House, Iskan Insurance Company, Royal Insurance Company, Mohandes Insurance, Arope Insurance, Arope Life Insurance, Misr Real Estate Assets, Arab Investment Bank, and Public Sector Workers Fund.