Investment authority Okays 2 Tharwa insurance operators

Sunday 08 July 2018 03:26 PM

Tharwa Capital
Tharwa Capital

By Maher Abul Fadl:
Egypt investment authority has approved licensing Tharwa Capital to establish 2 insurance firms in life and property insurance.
Each company’s issued-up capital amounts to EGP 100mn, of which 50% is paid up.
According to a senior official, Tharwa is scheduled to submit a request to the Financial Regulatory Authority to obtain a final approval to start undertaking insurance activity.
It is planned to complete the paid-up capital to EGP 100mn for each company over a period of 5 years from the start of activity.
Earlier, Al Mal reported that Tharwa Capital submitted a request to the regulators to set up 2 insurance companies operating in property and life insurance respectively.
It should be recalled that Tharwa Capital is present in insurance sector through Contact Insurance Brokerage owned by ContactCars, one of Tharwa’s investment arms.
The new two firms will operate under the name Tharwa, and they are expected to be approved, Al Mal stated.