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Amr Medhat, head of reinsurance sector at Egypt-based Arab Misr Insurance Group S.A.E., said that the insurer has renewed reinsurance contracts with German reinsurer Hannover Re S.E. for another year, Amwal Al Ghad reports.
Arab Misr also renewed contracts with Nigeria-based reinsurer African Reinsurance Corp. and French reinsurer SCOR S.E., Mr. Medhat said.
Meanwhile, Arab Misr plans to raise its capital in the coming phase, with an aim to boost its financial sheet and increase its retention rates in renewal agreements in 2016, Mr. Medhat added.