Misr Insurance renews Pacts with 40 Reinsurers

The leading insurer in MENA region, Misr Insurance Company has renewed its reinsurance agreement for 2015 with more than 40 reinsurers from various markets, managing director Adel Moussa said.

Speaking to Amwal Al Ghad on Thursday, Moussa stated that the list of reinsurers that deal with Misr Insurance includes big names such as Swiss Re, Tokio Marine, General Reinsurance (Gen Re), PartnerRe, Hannover Re, and Scor. Those reinsurance firms enjoy credit rating not lower than ‘A’, he noted.

As pursuant to the renewed agreements, Misr Insurance has raised the retention rates to 51% for coverage of such insurance activities, including oil and fire insurance, the official noted.