Egyptian Takaful Property commits 2% to Misr Reinsurance’s capital

Egyptian Takaful Property Insurance is to commit a maximum of 35 million Egyptian pounds (US$4.5 million) to Misr Reinsurance Company (Misr Re)’s equity capital, its managing director said Tuesday.

Ahmed Arfeen said Egyptian Takaful’s planned commitment will represent around 2 percent of Misr Re’s capital.

The reinsurance firm aims to raise US$200 million in paid-up capital.

According to the feasibility studies conducted by PricewaterhouseCoopers (PwC), the Egyptian insurance market is in need to have a national reinsurance company, Arfeen told Amwal Al Ghad.