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Tuesday, 19 October 2021

Willis Towers Watson eyes two Egypt-based ins. brokers in regional plan

British outfit Willis Towers Watson is looking to acquire two unnamed ins. brokerages operating in Egypt as part of a regional expansion plan, Hamed Mabrouk (LinkedIn), who heads the multinational ins. firm’s Egypt office, told us, confirming a report yesterday by Al Borsa. Mabrouk’s firm will look to combine the portfolios of both those companies and fully acquire their licenses so long as this is within the framework of the Ins. Act, Mabrouk says. Both potential transactions are still under consideration, he added.

What does ins. brokerage activity in Egypt look like right now? Some 91 firms operate in ins. brokerage or offer secondary ins. services according to the FRA’s website, but the number is unlikely to grow soon since the Financial Regulatory Authority put a lid on new licenses last June for one year.

The firm is separately in talks with a third ins. broker based in Kuwait, and is working to acquire an ins. brokerage license in Saudi Arabia, Mabrouk said.

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