Chedid Capital's unit obtains license to start operating in Egypt

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Cairo - Chedid Insurance Brokers Egypt, a subsidiary of Chedid Capital Holding, has received a license from the Financial regulatory authority (FRA) to start operating in Cairo.

The company obtained the license two months after the approval of the unified insurance bill, which aims to set rules for the insurance industry in Egypt, according to a press release.

With businesses across Europe, the Middle East, Africa, and South Asia, Chedid Capital is a financial holding company and investment group in insurance and reinsurance.

In 2021, the company entered the African market following its acquisition of the French group Ascoma, an independent insurance broking network in Sub-Saharan Africa.

The Chairman and CEO of Chedid Capital, Farid Chedid, said: "Egypt is not a territory or a market we are adding to our network, it is the strategic bridge between our African operations and our Middle East presence."