Sarwa Capital: two insurance license applications pending approval
The Financial Group Sarwa Capital has submitted to Financial Regulatory Authority (FRA) two license applications for the creation of two insurance companies "Sarwa Life" and "Sarwa General insurance". Each of the two companies will be endowed with a capital worth 100 million EGP (5.6 million USD). License applications are subject to the approval of the Egyptian Prime minister.
Sarwa Life's capital will be divided between Rahat capital (80%), the Lebanese company United Insurance Company (15%) and individual investors (5%).
Sarwa General Insurance, specialized in non-life activities, will be held at 85% by Sarwa Capital Group, 15% by the Lebanese company United Commercial Insurance. A small share will be held by an individual investor.
This capital distribution is in conformity with the law which requires the participation of at least three shareholders.
Read also:
