Gulf Insurance Group expands in Egypt
Source: Middle East Insurance Review | Nov 2015
Gulf Insurance Group (GIG) is seeking to expand in Egypt’s insurance market by raising its stake in Egyptian Life Takaful Company.
GIG’s plans to raise its current holdings of 59.5% in its Egyptian subsidiary to 90% have been approved by the Egyptian Financial Supervisory Authority (EFSA), Mr Hisham Abdel Shakur, Managing Director of Egyptian Life Takaful told the Al Mal newspaper. GIG is currently negotiating with other shareholders of the insurer to purchase their shares. The increase will be carried out in stages.
The Group is also looking at other countries, including Turkey and Morocco. GIG expanded in Algeria this year by purchasing a 40% stake in L’Algérienne des Assurances (2A Insurance Company). The overall goal is to support GIG’s market share in the Arab world in terms of premiums.