Gulf Insurance is going international

The Kuwaiti insurer, Gulf Insurance Group, (GIG), has geared up its offensive on Egypt. GIG is conducting talks with Egyptian Life Takaful shareholders in an effort to increase its stake in the company. GIG already detains 59.5% of this insurer’s capital.

Should this move be crowned with success, the Kuwaiti group will be in control of 90% of the capital of Egyptian Life Takaful.

Egyptian Financial Regulatory Authority (FRA) have approved this cession. GIG is also keen on getting established in other markets of the region, namely in Turkey and Morocco. In Algeria, GIG has become, this year, the reference shareholder of a new life company and is now in talks for a 40% stake in the Algérienne des Assurances (2A).