AIG confirmed that it has purchased a 90 percent interest in Egyptian p/c insurer Pharaonic Insurance Company S.A.E., which writes general insurance and reinsurance coverage in the Egyptian market.
The company’s founder Mounir Ghabbour, who retains a minority interest, will continue as Board Chairman, and AIG’s Peter Hammer will join Pharaonic as managing director.
Martin J. Sullivan, AIG Executive VP, Foreign General Insurance, commenting on the acquisition, stated, “The market for property-casualty insurance in Egypt is substantial, with considerable growth potential as the Egyptian economy continues to liberalize and expand. As a global provider of insurance and financial services, AIG looks forward to the opportunities available through Pharaonic Insurance Company to introduce new insurance products and technologies to the Egyptian marketplace.”
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
