Misr Insurance commits US$10mn to Egyptian reinsurance firm’s capital

The leading insurer in MENA region, Misr Insurance Company is to commit around 5 percent equivalent to US$10 million to Misr Reinsurance Company’s capital.

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

Speaking to Amwal Al Ghad Saturday, Adel Moussa – Chairman of Misr Insurance – revealed that Misr Insurance Holding Company and its affiliates have agreed to contribute 15 percent approximately to Misr Reinsurance Company’s capital.

Last December, the constituent committee responsible for the launch of Misr Reinsurance Company had selected PricewaterhouseCoopers (PwC) to conduct a feasibility study on the new Egyptian reinsurer.

PwC, the world’s second largest professional services network, has determined Misr Reinsurance Company’s initial capital to be US$200 million.