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.”
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