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Monday, 20 March 2023

Kaf receives license to provide commercial life ins

Kaf is now a commercial life ins. provider: Kaf Life Ins. has obtained a commercial life ins. license from the Financial Regulatory Authority (FRA), making it the first Egyptian insurer to make the switch from being a shariah-compliant takaful provider, it said in a statement (pdf) yesterday.

About Kaf: Kaf offers life, savings and health ins. services and is looking to distinguish itself through its use of tech. Kaf currently targets employers, small businesses and micro segment enterprises.

Part of a wider rebranding: EFG Finance (the non-bank financial services arm of EFG Hermes) and GB Capital rebranded life ins. company Tokio Marine Egypt Family Takaful as Kaf following their acquisition of a majority stake in the company in 2020. The two companies acquired a combined 75% stake (with each company holding 37.5%) in the Japanese company’s Egyptian subsidiary for EGP 84.75 mn. Tokio Marine Egypt’s Japanese parent company holds the remaining 25% stake.

New management announced: George Ghobrial (LinkedIn) was appointed CEO and managing director of Kaf in February following approval from the FRA, the release said. He succeeds Sohail Ali, who was brought in as the new CEO by EFG Finance and GB Capital after the acquisitions. Kaf has also appointed a new COO Rafik Samy (LinkedIn).

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