GIG Insurance boosts capital to $22mn, plans more branches

Egypt’s Arab Misr Insurance Group (GIG) has injected 15 million Egyptian pounds into its capital to reach 175 million pounds (US$22.3 million), Alaa El-Zohairy -GIG’s managing director- said Sunday.

Speaking to Amwal Al Ghad, El-Zohairy stated that GIG intends to inaugurate two new branches within the upcoming period to increase its branches network to 17 by 2016.

The two new branches are set to be located in Asyut and Ismailia governorates, the official added.

El-Zohairy noted that GIG is expected to start the procedures of a new credit rating in April 2016.

GIG has managed to maintain its credit rating at BBB and financial strength rating at B++ ‘Good’ by A.M. Best, with a ‘stable’ outlook, El-Zohairy added.