Misr Emirates Life Takaful – Salama has renewed its reinsurance contracts for another year, its managing director told Amwal Al Ghad on Monday.
Sherif Azzazy further said that his company renewed its agreement with the lead reinsurer, General (...)
S&P Global Ratings has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" (Excellent) of Orient Takaful Insurance (Orient Takaful Egypt), a senior official said on (...)
GIG Insurance – Egypt has appointed Egyptian investment bank Prime Holding as a financial advisor in a deal to buy shares of AIG Egypt, sources with knowledge told Amwal Al Ghad on Wednesday.
Deloitte was named as financial auditor for the deal, the (...)
GIG Insurance – Egypt has appointed Helmy, Hamza & Partners, Baker McKenzie Cairo office as its legal counsel for a deal to buy shares of AIG Egypt, its managing director Alaa Elzoheiry said on Tuesday.
Egypt's Financial Regulatory Authority (FRA) (...)
Egypt's President Abdel Fattah al-Sisi has appointed Mohamed Farid as the acting chairman of the country's market regulator, Financial Regulatory Authority (FRA) for one year as of August 7.
Saleh, who has been chairman of the Egyptian Exchange (...)
Misr Emirates Life Takaful – SALAMA, part of UAE's Islamic Arab insurance Companies, plans to increase its paid-up capital to 150 million Egyptian pounds ($8 million) by the end of the year, its managing director said on Thursday.
The capital (...)
The value of gross premiums written by GIG Egypt – Life Takaful Company has exceeded 1 billion Egyptian pounds ($53 million) in the financial year 2021/2022, its managing director Rabie Abdel Khaleq said on Monday.
"We are targeting growth rates of (...)
Egypt's Contact Financial Holding, formerly Sarwa Capital, has launched on Monday its digital comprehensive car insurance product.
The new product is part of Contact's digital transformation strategy to launch fully digital products and services, (...)
AM Best affirmed on Thursday gig Insurance – Egypt's (gig-Egypt) financial strength rating of B++ (Good) and the long-term issuer credit rating of "bbb+" (Good).
The rating agency set the outlook of these credit ratings is stable.
"The ratings (...)
Egypt's first actuarial life table for life insurance will go live as early as next July, the start of the country's financial year 2021/2022, an official said on Monday.
Hesham Ramadan, assistant to the Egyptian Financial Regulatory Authority (FRA) (...)
Wafa Life Insurance Egypt, a subsidiary of Moroccan insurer Wafa Assurance, said on Tuesday it was in final-stage negotiations with a local major bank over a potential bancassurance deal.
"We expect to conclude talks and seek the central bank and (...)
Africa Specialty Risks (ASR), the pan-African focused reinsurance group, is planning to establish business development hubs in six African countries; Egypt, Morocco, Kenya, South Africa, Côte d'Ivoire, and Nigeria.
The move is part of ASR's plans to (...)
Moody's Investors Service has affirmed the Ba2 insurance financial strength rating (IFSR) of GIG Insurance – Egypt (GIG Egypt) and maintained its stable outlook, GIG managing director Alaa el-Zoheiry told Amwal Al Ghad on Sunday.
el-Zoheiry's (...)
Egyptian Takaful Property and Liability Insurance (EGTAK) has won an insurance policy tender launched by Orange Egypt, sources with knowledge of the matter told Amwal Al Ghad on Sunday.
The three-year insurance policy launched in March designed to (...)
Morocco's biggest insurance company Wafa Assurance, part of Attijariwafa Bank, has expanded its insurance business to Egypt as it seeks to grow its presence across Africa.
The company announced in a statement on Monday the official launch of its (...)
Orient Takaful Insurance Company – Egypt has won an insurance policy tender launched by Crédit Agricole Egypt, sources with knowledge of the matter told Amwal Al Ghad on Sunday.
At a total sum insured of up to 3 billion Egyptian pounds ($191.7 (...)
Kuwait Insurance Company said on Sunday its board approved plans to launch a life insurance unit in Egypt.
The Egyptian unit will have a capitalisation of 100 million Egyptian pounds ($6.4 million), Kuwait Insurance added in a bourse disclosure.
The (...)
Four Egyptian insurers are vying to win an insurance policy tender to cover the assets and properties of Egypt's top cigarette maker, Eastern Tobacco Company, sources familiar with the matter told Amwal Al Ghad on Tuesday.
Eastern Tobacco is (...)
Orange Egypt has invited insurers to bid for its new insurance policy designed for its properties against all risks, sources with knowledge told Amwal Al Ghad on Thursday.
At a total sum insured of up to 25 billion Egyptian pounds ($1.6 billion), (...)
The value of securitisation bonds issuance was recorded at 24.1bn in 2020 Egyptian pounds, compared to 22.1billion pounds in 2019, Mohamed Omran, Chairperson of the Financial Regulatory Authority (FRA).
Omran's remarks came during an online (...)
The volume of finances allocated for micro-sized projects has reached 18.7 billion Egyptian pounds by the end of 2020; up 13.3 percent when compared to the earlier year, according to the Financial Regulatory Authority Chairman.
Some 3.2 million (...)
Four Egyptian insurers are vying to win an insurance policy tender to cover TAQA Arabia's assets, sources familiar with the matter told Amwal Al Ghad on Sunday.
TAQA Arabia, a major natural gas distributor in Egypt and part of Qalaa Holdings, is (...)
Egypt's Mohandes Insurance has renewed a reinsurance contract with Swiss Re Group for another year, chairman and managing director Reda Fathy said on Tuesday.
Under the 2021 contract, the two parties agreed to increase the retention rates and (...)
Global credit rating agency AM Best affirmed its B++ (Good) financial strength rating and "bbb" long-term issuer credit rating (Long-Term ICR) on Egypt's state-owned Misr Insurance Company and kept its stable outlook.
The ratings reflect Misr (...)
Global credit rating agency AM Best affirmed its B++ (Good) Financial Strength Rating on Egypt's state-owned Misr Life Insurance Company, and kept its stable outlook.
The credit agency also affirmed its "bbb" rating on Misr Life Insurance's (...)