GIG, Hannover Re to Start Reinsurance Treaty Renewal Talks Next Month

Egypt’s Arab Misr Insurance Group (GIG) plans early November to start talks to renew reinsurance agreements for one year, an official from the Egyptian insurance firm said.

Speaking Amwal Al Ghad on Tuesday, Amr Medhat – Head of Reinsurance Sector at GIG – referred that his company is dealing with multiple foreign reinsurers, mainly Hannover Re.

Medhat said he would not expect facing any obstacles against the renewal of GIG’s reinsurance agreements with the foreign firms, backed by the Egyptian company’s good results during last fiscal year 2013-2014.

GIG posted gains worth 69 million Egyptian pounds (US$9.6 million) by end of June 2014.

Moreover, Medhat stated that GIG started preparing its financial statements for the first nine months of 2014, in order for the foreign reinsurers’ review so as to eventually determine the terms and conditions as well as the prices of each agreement.