General Insurance Corporation gets stakes in Kenyan firmGIC obtains 'East African Reinsurance Company' based in Nairobi for which they have got the consent of the Kenyan regulator.
Apnainsurance.com Research Bureau
05 Oct 2007
General Insurance Corporation (GIC) has obtained 14.76 per cent stakes in 'East African Reinsurance Company' based in Nairobi. With over Rs.7 crore for the acquisition, they have received approval from the Kenyan regulator and cleared by the board of GIC.
Currently, GIC's overseas business comprises of 22 per cent of its portfolio. They plan to increase their stakes by 50 per cent in next 5-10 years.