The Hindu Business Line : GIC picks up stake in Kenyan firm

General Insurance Corporation has acquired a 14.76 per cent stake in Nairobi-based ‘East African Reinsurance Company’ for over Rs 7 crore. Mr Yogesh Lohiya, Chairman, GIC, said that the Corporation had received approval from the Kenyan regulator for the acquisition. The Board of GIC has also cleared the acquisition. The Kenyan company has five stakeholders. GIC’s overseas business accounts for 22 per cent of its portfolio and the Chairman said that he hop ed to increase to 50 per cent in 5-10 years. —

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