Egypt – Marketing the feasibility study of Egyptian reinsurer
Tuesday, 03 01 2016, Category: Insurance and Reinsurance, Country: Egypt
The Insurance Federation of Egypt wants to choose one company among seven consulting companies that will be assigned to market the feasibility study of the Egyptian reinsurer in order to propose it to international reinsurers and financial institutions.
Mr. Abd Al-Rauf Qutb, President of the Insurance Federation of Egypt and Managing Director of Egyptian Saudi Insurance House revealed that the companies that might be chosen are “Hermes”, “Beltone”, “CI Capital”, “Pharos”, and the American “Guy Carpenter” which has a reinsurance brokerage branch.
Mr. Qutb indicated in a statement to “Al Mal News” that the Federation was successful in securing 37% of the capital of the new company that is supposed to reach USD 200 million. He noted that the company that will market the project would be chosen among the seven companies through the committee emanating from the founding insurers of the reinsurance company in order to promote the company externally, which will help accumulate the remaining required capital. He denied that there will be a deadline to complete the procedures to establish the “Egyptian reinsurer” given the huge capital required which necessitates more time.
Source: Al Mal News