Suez Canal Insurance renews reinsurance contracts with Germany’s Hannover Re

Egypt’s leading composite insurer, Suez Canal Insurance has recently renewed its reinsurance contracts for 2016 with Hannover Re, its head of reinsurance department Sherif el-Ghamrawy announced Thursday.

Hannover Re SE, with a gross premium of around €14.4 billion, is the third-largest reinsurance company in the world. Its headquarters is in Hannover, Germany.

Fitch Ratings has affirmed Wednesday Hannover Rueck SE’s (Hannover Re) and its reinsurance subsidiary E+S Rueckversicherung AG’s (E+S Re) Insurer Financial Strength (IFS) ratings at ‘AA-‘ and Hannover Re’s Issuer Default Rating (IDR) at ‘A+’. The Outlook on all ratings is Stable.