Islam Abdelhameed - 2014-12-09 12:02:16
The committee to form Egypt’s first national reinsurance company will encompass 12 insurance firms alongside 3 entities working in various sectors, sources with knowledge of the talks told Amwal Al Ghad.
The three other entities included in the committee are Misr Real Estate Assets, Arab Investment Bank, and Public Sector Workers Fund.
In exclusive statements to Amwal Al Ghad on Tuesday, the sources stated that the 12 insurance firms joining the committee to form the national reinsurance company include; Misr Insurance Holding Company, Misr Insurance Company, Misr Life Insurance, Suez Canal Insurance, Suez Canal Life Insurance, and Wethaq Takaful Insurance.
The constituent committee will also encompass Egyptian Saudi Insurance House, Iskan Insurance Company, Royal Insurance Company, Mohandes Insurance, Arope Insurance, and Arope Life Insurance, the sources noted.
The sources further stated that they expect witnessing more offers from insurance firms and financial institutions to contribute to the Egyptian Reinsurance Company’s capitalisation.
Moreover, the sources revealed that PricewaterhouseCoopers (PwC) had been recently selected to launch a feasibility study for the Egyptian reinsurance company.
PwC is a multinational professional services network. It is the world's second largest professional services network, as measured by 2014 revenues, and is one of the Big Four auditors, along with Deloitte, EY and KPMG.
The table below demonstrates the list of Constituent Committee members for the Egyptian reinsurance company; More»