EFG Hermes, GB Auto complete majority stake acquisition of Egyptian insurance firm

EFG Hermes (through its non-bank financial institution arm EFG Hermes Finance Holding) and GB Auto (through GB Capital) announced the completion of a 75% stake acquisition in Tokio Marine Egypt Family Takaful, in a deal worth EGP 84.75 million (about $5.3 million). EFG Hermes Finance and GB Capital will each hold a stake of 37.5% in the company. Tokio Marine Group, the largest general insurer in Japan, will own the remaining 25%.

Tokio Marine Egypt Family Takaful offers individual and corporate clients a variety of insurance solutions.

Egypt’s insurance industry remains significantly underpenetrated compared to regional and global peers. The sector is set to benefit substantially from the government’s focus on financial inclusion, as well as from significant efforts to establish a more favourable regulatory framework.

Coinciding with the transaction, Tokio Marine Egypt Family Takaful – which will be relaunched under a new brand in the coming months – has appointed Sohail Ali as chief executive officer.

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