Suez Canal Insurance Renews Reinsurance Agreements With Hannover Re

Suez Canal Insurance Company succeeded in renewing reinsurance agreements with Germany’s Hannover Re Group for next year, said Ahmed Shehab, general director of the company.

The German company did not impose tough conditions contrary to what was expected, but there were extra conditions because of the current political and economic situations in Egypt, he noted.

The good results achieved by the company strengthened the company’s position in renewing the reinsurance agreements as the fire insurance sector achieved good results in the last period, according to the recent statistics.

It is worth mentioning that Suez Canal Insurance Company (Non-life) targets to achieve premiums of EGP 460 million in the current fiscal year.