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ÌìÃÀÍøÕ¾´«Ã½´«Ã½ confirmed that it has purchased a 90 percent interest in Egyptian p/c insurer Pharaonic Insurance Company S.A.E., which writes general insurance and reinsurance coverage in the Egyptian market.

The company’s founder Mounir Ghabbour, who retains a minority interest, will continue as Board Chairman, and ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s Peter Hammer will join Pharaonic as managing director.

Martin J. Sullivan, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Executive VP, Foreign General Insurance, commenting on the acquisition, stated, “The market for property-casualty insurance in Egypt is substantial, with considerable growth potential as the Egyptian economy continues to liberalize and expand. As a global provider of insurance and financial services, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ looks forward to the opportunities available through Pharaonic Insurance Company to introduce new insurance products and technologies to the Egyptian marketplace.”

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