GIC launches African expansion plans with stake in East Africa Re

GIC is targeting strategic stakes in Africa • GIC reports underwriting losses • Health insurance to be second in size to motor

General Insurance Corporation has acquired a 14.76% stake in Nairobi-based East African Reinsurance Company for over Rs70mn. Yogesh Lohiya, chairman of GIC, said that it has received approval from the Kenyan regulator for the acquisition and it has also been cleared by the board of GIC. The Kenyan company has five stakeholders in total.