Suez Canal Life Insurance succeeds in renewing its reinsurance agreements for 2023 with Munich Re – Source: Al Alam Al Youm – January 30, 2023

Hesham Ramadan, Managing Director of Suez Canal Life Insurance Company, stated that his company successfully renewed its reinsurance agreements for the new year 2023 under the same terms and rates as the previous year, without adding any new conditions. He revealed that the list of reinsurers contracted with the company includes RE MUNICH, ARCH, CCR, and RGA — all of which hold high credit ratings from international rating agencies.

Ramadan explained that the company’s reinsurance agreements for the current year included a reduction in the rate schedule for individual insurance policies by a reasonable percentage, and that the reinsurers responded positively to the company’s requests to improve certain terms in the agreement. He added that Suez Canal Life Insurance faced no difficulties during the renewals due to the strong relationships between the company and its reinsurers, in addition to the company’s positive results in 2022 and the willingness of most reinsurers to renew their shares — even expressing interest in increasing their allocated shares.

Ramadan pointed out that Suez Canal Life Insurance was among the first companies in the Egyptian market to finalize its reinsurance agreements for 2023 smoothly and without any strict conditions from the reinsurers, despite the challenging global economic circumstances resulting from the Russian-Ukrainian war, which had led many global reinsurance companies to tighten their terms with insurers in several countries.