ACE International, ACE Limited’s international operations division, has acquired a 51 percent interest in Egyptian American Insurance Co.(EAIC) in partnership with Egypt’s Commercial International Investment Co. (CIIC).
ACE acquired EAIC from Egypt’s second largest private insurer, AL CHARK for an undisclosed amount.
ACE International CEO Kingsley Schubert called the joint venture with CIIC “a strong platform for future growth in the Middle East and North Africa regions,” and said it would give ACE “an immediate market presence in a key, emerging financial center.”
ACE Europe CEO, Steve Schleisman, and CIIC managing director Yasser El Mallawnay saw the joint venture as taking advantage of both groups’ market presence and business expertise.
“Together, we’ll offer customized risk management solutions to Egyptian customers and work to introduce the diverse portfolio of risk management products and services available from ACE International – as well as the entire ACE Group of Companies – to targeted new markets in the region,” said Schleisman.
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