Egypt – Risk on creation of new reinsurer
Monday, 01 09 2017, Category: Insurance and Reinsurance, Country: World
It is now clear that the scenario of establishing a new reinsurance company that replaces “Egypt Re” that was merged with Misr Insruance is now threatened. There are confusions about the authority managing the project after it was withdrawn from the Insurance Federation of Egypt. Moreover, the decrease of the suggested capital is a key factor of the new company given the specifics of reinsurance activity and the scope of work.
Mr. Alaa El Zoheiry Managing Director at Arab Misr Insurance Group( AMIG) said that the decrease of suggested capital from USD 200 million to USD 50 million is very negative given its low level.
Source: Al Mal News