Gras Savoye Acquires Insurance Brokerage Portfolio Of Piraeus

Gras Savoye Insurance Brokerage Company succeeded in seizing the insurance brokerage portfolio of Piraeus Insurance Brokerage Company, said Hamed Mabrouk managing director of Gras Savoye.

The term of this acquisition is three years, starting from the beginning of this December. The acquisition deal also includes the moving all the employees which are 12 from Piraeus to Gras Savoye. Gras Savoye Insurance Brokerage Company has also become Piraeus’a sole broker.

Piraeus Insurance Brokerage Company’s insurance brokerage portfolio reached EGP 11 million, Mabrouk noted, adding that his company has raised the volume of its business by 22% in 2012.

It is worth noting that Piraeus Insurance Brokerage Company – Egypt, owned by Piraeus Bank, received the first license to offer insurance brokerage services in Egypt in 2009, in accordance with the law regulating insurance market No. 118 of 2008.