Allianz Acquires Egyptian Insurer
Germany's Allianz AG acquired a controlling 80 percent interest in Cairo-based Arab International Insurance Company (AIIC) by purchasing the 40 percent share held by France's AXA.
In 1998, AIIC reported gross premium income of $10 million and more than $1 million in net earnings.
The insurance market in Egypt and the Middle East continues to experience growth, and the investment represents Allianz' commitment to expand into Egypt. In order to enter the insurance and financial services market directly, AIIC has applied to the Egyptian Insurance Supervisory Authority.
In an announcement of the deal, Company President Hassan M. Hafez said: "We look forward to becoming a member of the Allianz Group. With this step we can provide our customers additional lines of business, access to the worldwide know-how and the first-class financial standing of an internationally leading insurance group."|"allianz, acquires, egyptian, insurer, ,
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