Misr Insurance starts talks for 2016 reinsurance agreements

Egypt-based Misr Insurance Company has started negotiations to renew its reinsurance agreements for the year 2016 with global reinsurers, board member Mohamed Khalifa announced Tuesday.

Khalifa told Amwal Al Ghad that he expects Misr Insurance to conclude talks and sign the new agreements within the first week of December 2015.

Misr Insurance deals with list of leading reinsurers such as PartnerRe, Hannover Re, Trust RE, and Lloyds, Khalifa said.

Upon the 2015 agreement, the Egyptian insurer has managed to raise its retention rates to 56 percent from 45 percent for coverage of insurance portfolios.