GIG Insurance renews reinsurance deals with Germany’s Hannover Re

Egypt’s Arab Misr Insurance Group (GIG) has renew reinsurance contracts for further one year with Germany’s Hannover Re, an official from the Egyptian company announced Wednesday.

Hannover Re SE, with a gross premium of around €14.4 billion, is the third-largest reinsurance company in the world. Its headquarters is in Hannover, Germany.

Amr Medhat – Head of Reinsurance Sector at GIG – further told Amwal Al Ghad that GIG had also renewed contracts with France’s Scor RE and Africa Re.

GIG Insurance plans to increase its capital in the coming phase, seeking to bolster its financial sheet and raise its retention rates in next year’s renewal agreements, Medhat added.