Kenya Re Planning to Enter Egypt’s Retakaful Industry

State-controlled insurer, Kenya Reinsurance Corporation (Kenya Re), announced its plans to set up a Shariah-compliant subsidiary in Egypt, following an increase of its capital base through utilising its cash reserves to fund a USD 52.5 million bonus share issue.

Kenya Re reported that until 2019, the company did not meet the revised regulatory requirements of Egypt’s insurance industry, which increased the minimum capital base for reinsurers, to USD 64.9 million from USD 3.9 million.

In 2019, Kenya Re made a bonus issue which allowed a quadrupling of its capital base to USD 69.9 million, from USD 17.5 million.

Managing Director (MD), Jadi...