Egypt – Misr holding handles reinsurer’s feasibility study
Tuesday, 12 06 2016, Category: Insurance and Reinsurance, Country: Egypt
“Al Mal News” was informed that Misr Insurance Holding has officially taken over the project of creating a new reinsurance company, which the market wants to establish. Therefore, it is forming a committee of technical and financial specialists in order to prepare the feasibility study.
The holding company chaired by Dr. Mohamed Youssef held a meeting few days ago, in which insurance companies met at the headquarters of the Insurance Federation of Egypt. The president of the federation Mr. Abdel Raouf Kotb, the chairman of Misr insurance Dr. Adel Moussa, the general manager of Wethaq Takaful in addition to managers of reinsurance departments of a number of companies all attended in order to issue a preliminary agreement to contribute to the new company.
Moreover, the holding committee presented the latest developments about the reinsurance company especially the difficulties in securing the proposed capital of USD 200 million due to the lack of USD liquidity and the decrease in the local currency exchange rate noting also that international organizations are not motivated to contribute.
Source: Al Mal News