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Jul 2015 Gulf Insurance Group (GIG) continues its campaign in Algeria. The Kuwaiti group is about to acquire 49% stakes in the non life insurer Algérienne des Assurances (2A).
The memorandum of understanding signed by both parties has been submitted to the approval of regulatory authorities.
Its is the GIG's second operation in the insurance field in Algeria. Since February 22, 2015, date of approval, GIG has owned 42.5% of the new life insurance company Algerian Gulf Life Insurance Company (Aglic).
In this operation, GIG has as partners, the CASH Assurances and the national bank of Algeria (BNA) with respective stakes of 42.5% and 15%.