Completion of the First Phase of the Misr Reinsurance Feasibility Study
Tuesday, 05 19 2015, Category: Insurance and Reinsurance, Country: Egypt
PricewaterhouseCoopers (PWC) has completed the first phase of the feasibility study for Misr Reinsurance which includes the market feasibility of establishing the company.
Mr. Abdel Raouf Kotb, Chairman of the Insurance Federation of Egypt and Managing Director of the Egyptian Saudi Insurance House, has stated that the first stage of the feasibility study has concluded that the market can accommodate the reinsurer which will be established with a capital of USD 200 million.
In a special statement for Almal Newspaper, Kotb mentioned that the decision to start the second stage of the study, which includes the company’s strategy and the targeted operational model, depends on the final approval of the founders who consist of 16 insurance companies that have given their preliminary approval to provide a capital contribution before embarking on the feasibility study.
Source: Almal Newspaper