Egypt is a “strategic bridge” between Chedid’s African operations and its Middle East presence

Chedid Insurance Brokers Egypt has received a license to start operations in Cairo, and stressed on the strategic importance of the country to the Group’s insurance broking network.

Farid Chedid, chairman and CEO of Chedid Capital, said: “The Group will spare no efforts for the success of Chedid Insurance Brokers Egypt.”

“Egypt is not a territory or a market we’re adding to our network, it is the strategic bridge between our African operations and our Middle East presence,” said Chedid in a statement.

Chedid Capital entered the African market in 2021 after acquiring the French group Ascoma, the leading independent insurance broking network in Sub-Saharan Africa.

Ascoma and Chedid Insurance Brokers have offices in Beirut, Cairo, Doha, Dubai, Istanbul, Jeddah, Khobar, Limassol, London, Port Louis, Riyadh and Sharjah. Altogether the network employs over 300 employees.

The company obtained the license two months after the approval of the unified insurance bill, which aims to draw up specific and comprehensive rules for the insurance industry in Egypt and to organise the rules aimed to supervise and control it.