ACE International, the international insurance operations of ACE Limited (NYSE: ACL, BSX:ACL.BH), announced today it has acquired a 51 percent shareholding in Egyptian American Insurance Company (EAIC).
In a partnership with Egypt-based Commercial International Investment Company (CIIC), which acquired the remaining balance, the company's ACE INA International Holdings Limited subsidiary acquired EAIC from AL CHARK, Egypt's second largest public insurance company. Financial terms of the acquisition were not disclosed.
"The acquisition of Egyptian American Insurance Company gives us an immediate, significant market presence in a key, emerging financial center," said Kingsley Schubert, president and CEO of ACE International. "Our partnership with CIIC also provides us with unique insight into the Egyptian market and a strong platform for future growth in the Middle East and North Africa regions."
Yasser El Mallawany, managing director of CIIC, remarked, "Our joint venture with ACE is consistent with our strategy to expand in the financial services industry, be it investment banking, leasing and now insurance. The regional joint venture with ACE further establishes Egypt's standing as the financial center of the region and we will leverage our network of financial subsidiaries and associates to ensure its success."
"This partnership will allow us to build on CIIC's strong market presence and the expertise and business infrastructure we've established in ACE Europe," said Steve Schleisman, CEO of ACE Europe -- the European regional organization of ACE International -- who will oversee the ACE Egyptian operations. "Together, we'll offer customized risk management solutions to Egyptian customers and work to introduce the diverse portfolio of risk management products and services available from ACE International - as well as the entire ACE Group of Companies - to targeted new markets in the region."
About ACE
ACE Europe is a regional business organization of ACE International, the international operations of ACE INA Holdings, Inc., a wholly owned subsidiary of ACE Limited. ACE International also consists of the following regional businesses -- ACE Asia Pacific, ACE Far East and ACE Latin America - and an ACE Canada operation. The ACE Group of Companies provides insurance and reinsurance on a global basis for a diverse group of clients through operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com.
About Commercial International Investment Company
CIIC is Egypt's largest private sector investment institution with major holdings in the telecommunications, tourism & leisure, energy, food & agriculture and pharmaceutical sectors. CIIC is also a prominent presence in financial services through its joint venture with Flemings and Orix in the investment banking and leasing areas.
Major shareholders in CIIC include The National Bank of Egypt, Egypt's largest public sector bank, and Commercial International Bank (CIB), Egypt's largest private sector bank while the remaining shareholders are some prominent business families in Egypt.