Tokio Marine Acquires 90% Stake In Nile Takaful

The Tokio Marine Saudi Arabia has acquired about 50% of Egypt Kuwait Holding Company’s stake in Nile Takaful Company. Therefore, Tokio Marine acquired a controlling stake by acquiring 90% stake and Egypt Kuwait Holding Company acquired a 10% stake in the company.

Mohamed Dashish was dismissed as chairman of Nile Takaful and sources said that Alaa Kamel, former managing director of Delta Insurance Company, will likely be the chairman of the company following Dashish.

Egypt Kuwait Holding Company is owned by Al-Kharafi Group and Tokio Marine Saudi Arabia is from the five largest reinsurance companies in the world.

Al-Kharafi Group sold a large share of its stake in Nile Takaful because it may want to increase its stake in Delta Insurance Company.