Egypt’s GIG studies entering into inward reinsurance arrangements in Gulf

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Egypt’s Arab Misr Insurance Group – GIG is studying inward requests from Gulf insurance brokers for reinsurance support in petroleum sector in the region, its managing director announced Sunday.

“Despite our reservations about expanding into inward reinsurance activity in the current phase, the company (GIG) is studying the feasibility of those requests to reach final decision about them.”  GIG’s managing director Alaa El Zoheiry told Amwal Al Ghad on Sunday.

El Zoheiry further said receiving a credit rating for GIG had enabled the company to practice inward reinsurance activities, which would eventually boost its ties with global reinsurance brokers.

Earlier A.M. Best affirmed in May the financial strength rating of B++ (Good) and the issuer credit rating of “BBB” of GIG-Egypt for the third year in a row, with stable outlook.

Arab Misr Insurance Group – GIG is an Egyptian insurance company established in 1994 under the Egyptian Insurance Law No. 10 of 1980; it is a member of the Egyptian Insurance Federation and started business since July 1st, 1994.