Wael Badran, former general manager of Business and Product Development at Royal Insurance Company, said he was selected as the CEO of an under-establishing insurance brokerage company a subsidiary of the international Risk Management Company.
The Company will receive an initial approval in two weeks, Badran added. There is a disagreement with the Egyptian Financial Supervisory Authority over the proposed name of the Company as EFSA said the name of the Company differs from its activity.
The Company targets achieving premiums of EGP 10 million for insurance companies in the first year and EGP 50 million in five years. The Company will specialize in property insurance, but it may offer life insurance brokerage services.
The Company’s strategy will focus on offering products suitable for all customers and raising awareness on insurance aspects and products.
The Company will start with an issued capital of EGP 2 million and paid up capital of EGP one million in accordance with EFSA’s standards. The Company’s headquarters was established in Dokki and plans to form five branches in five years.
The CEO said that the Company will focus on Upper Egypt region especially after many political powers stated that they will work on developing this region.
