Newly-found Egyptian Saudi Insurance Co has been granted a preliminary license approval to operate casualty insurance business in Egypt by the country’s authorities, Golbal Risk Management Network (GRMN) reported Wednesday.
Final permission, according to the news service, should be received soon after all procedures, such as commercial registration, are completed.
The new company would follow a "co-operative" insurance method in which insurance operating profits would be distributed among policy holders, it added.
The insurer’s shareholders include Saudi and Egyptian reinsurance companies, investment firms and banks – Albawaba.com
