Three insurers bid for Alexbank’s blanket bond policy

AlexBank, a member of Italian bank Intesa Sanpaolo, has received the technical and financial offers from three insurers to launch its banker’s blanket bond (BBB) policy.

AlexBank’s tender for insurers attracted Misr Insurance Company, Orient Takaful Insurance, and Arab Misr Insurance Group (GIG), sources with knowledge told Amwal Al Ghad on Monday.

The BBB policy is with an annual sum insured of around 200 million Egyptian pounds ($11.1 million), one of the sources told Amwal Al Ghad.

The policy will provide AlexBank a blanket cover for losses arising from dishonesty by an employee or of money whilst in transit, in addition to losses or damages of property on premises, he said.