GIG-Egypt, Germany’s Hannover Re reach reinsurance renewal deal

Egypt’s Arab Misr Insurance Group (GIG) has reached a further one-year renewal for its reinsurance agreement with Germany’s Hannover Re.

GIG and Hannover have renewed the agreement with the same conditions and retention rates of last year, managing director Alaa El Zoheiry told Amwal Al Ghad on Thursday.

In June, A.M. Best has affirmed GIG’s Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb”, with a stable outlook. A.M. Best cited the company’s track record of excellent operating profitability, solid level of risk-adjusted capitalisation and good business profile in Egypt’s insurance market.

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.