Lebanon Businessnews News

Al Mashrek in Egypt
under United brand
The company seeks high penetration through new subsidiary
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Al Mashrek Insurance & Reinsurance has expanded into the Egyptian market by opening a new insurance company under the name of ‘United’.

“We have been working on this license for the past three years and finally received it two months ago,” said Alexandre Matossian, Chairman of the Board and Chief Executive Officer of Al Mashrek Insurance & Reinsurance. “We are operational now, with full fledged services and products for individuals and corporations, except for the life insurance segment, which will follow later,” he said.

Al Mashrek has a majority share of 65 percent in United. “The remaining shares belong to Egyptian business entrepreneurs and companies,” said Matossian.

“Egypt is a huge market with a large population and is receiving a lot of investments in the fields of oil and energy, education, and construction, where we can find good opportunities for business,” said Matossian.
Reported by Leila Rahbani
Date Posted: Jun 16, 2015
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