Suez Canal Life to Start Reinsurance Renewal Talks with 3 Companies

Egypt’s Suez Canal Life Insurance Company intends to start negotiations to renew agreements with three global reinsures in the coming few days, said managing director Ahmed Shoukry.

Speaking to Amwal Al Ghad on Sunday, Shoukry said Suez Canal Life seeks to renew reinsurance agreement for one coming year with Munich Re AG, France-based Scor, and RGA Reinsurance Company, a subsidiary of Reinsurance Group of America.

Furthermore, the Egyptian official has ruled out facing any obstacles or restricted conditions during renewing the reinsurance agreements in the light of Suez Canal Life Insurance’s good financial results.

During fiscal year of 2013/14, Suez Canal Life Insurance posted premiums amounting to 169 million Egyptian pounds, Shoukry noted, referring to the company’s plans to pump 10 million pounds in its capital so as to reinforce its financial position.

Moreover, Suez Canal Life Insurance intends to boost its network of branches to 20 by end of current fiscal year 2014/15, from 13, Shoukry clarified. The seven planned branches will be in Benha, Zagazig, Damanhour, Tanta, and Shoubra in addition to two areas not determined yet.

The new branches are part of Suez Canal Life’s strategy to achieve higher premium growth rates, he added.