Wethaq Takaful to Start Reinsurance Renewal Talks with GIC India early December

Egypt’s Wethaq Takaful Insurance plans to start talks to renew reinsurance treaties with a number of global reinsurers, notably the General Insurance Corporation of India, said reinsurance manager Hany Mehanny.

Wethaq Takaful seeks to renew its reinsurance treaties for one coming year of 2015.

Speaking to Amwal Al Ghad on Wednesday, Mehanny said Wethaq Takaful plans to start the negotiations by early December with a number of reinsurers, including Saudi Re, EmiratesRE, and the African Reinsurance Corporation.

During last fiscal year ended last June, Wethaq Takaful posted premiums amounting to 100 million Egyptian pounds.

Moreover, Mehanny also pointed out that Wethaq Takaful seeks to increase the limits of retention in the renewed treaties. The Egyptian official has ruled out facing any obstacles or restricted conditions during renewing the reinsurance treaties in the light of Wethaq Takaful’s good financial results in addition to the relative stability witnessed by the Egyptian insurance market.