Lebanese Delta Insurance Acquires Solidarity Takaful Egypt
Published Monday, 13 August 2012 12:26 | Written by Sherine Taha and Islam Abd ElHameed
The Lebanese Delta Insurance Holding Company signed the final agreement with Solidarity Family Takaful to acquire Solidarity’s arm in Egypt last Wednesday after Allianz Insurance Egypt was out of the tender. The Lebanese company currently awaits the Egyptian Financial Supervisory Authority’s approval over the acquisition.
A source told Amwal Al Ghad that the acquisition documents will be submitted to the cabinet in August to be approved by October. Afterwards, the members of the board of directors will submit their resignations.
Amwal Al Ghad was informed that the real reason behind Solidarity’s dissociation from the Egyptian market is that the parent company in Bahrain had pulled out of the insurance market.
It is worth mentioning that Solidarity Family Takaful had net premiums of EGP 12.2 million at the end of FY 2010/2011, according to the statistical book issued by EFSA. The Company’s paid-up capital is EGP 40 million and authorized capital is EGP 60 million.