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Egyptian insurer seeks license for oil coverage


Egypt-based Royal Insurance Co. has applied for a license to offer petroleum insurance and cover oil service stations, pipelines, excavators and refineries in the country, Middle East Insurance Review reported citing sources. Ahmed Darwish, managing director of Royal Insurance, said that the insurer has signed agreements with reinsurers and increased its capital base to 125 million Egyptian pounds ($7.5 million) to write oil business.

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