EFG Hermes and GB Capital launch Kaf Insurance

Daily News Egypt
4 Min Read

Following the acquisition of a 75% stake by EFG Hermes Holding and GB Capital in Tokio Marine Egypt Family Takaful in 2020, the company has been rebranded to Kaf.

Under the guidance of new management brought in following the acquisition, the company aims to set itself apart by making insurance effortless for their customers and by providing them with straight-forward, fair, and value-for-money insurance solutions.

“Since our launch, we have worked hard to provide peace of mind and improve the lives of individuals and, by extension, their communities through offering simple-to-understand products and fresh solutions, which is reflected in our slogan: ‘Making it easy, doing it right,’” said Managing Director of Kaf Sohail Ali.

“Moving forward, we will continue to live up to our purpose of contributing to social stability and poverty reduction by bridging the insurance gap in Egypt through innovative, tech-enabled solutions.”

“Insurance is an important tool for economic development, and we are currently reaping the fruits of reforms in Egypt that foster financial inclusion. Recently, the Egyptian government has worked to improve access to financial services for the low-income segment, developing sound regulatory frameworks and lowering barriers to financial access, and we expect continued growth in the non-bank financial institutions (NBFI) segment over the coming years,” he added.

“We’re honored to support and be part of this initiative to increase awareness of the importance of insurance. Plugging the insurance gap will provide protection for the low-income segment from falling into poverty in the event of misfortune.”

Aladdin Al-Afifi — CEO of EFG Hermes Holding’s NBFI platform commented that “Kaf’s success is built on the longstanding history of collaboration between EFG Hermes Holding and GB Capital and is as exciting as it is high-yielding and conducive to exponential growth.”

“Our strategy for the NBFI platform is to persist in identifying key opportunities in the market that allow us to fully capitalise on our cross-selling capabilities so that we may continue to reap the fruits of these collaborations in the near future.”

“We are advancing towards this goal with full force, exerting ambitious efforts towards not only providing more integrated, end-to-end service offerings, but also creating space for natural synergies between our companies that will no doubt result in future growth for all stakeholders,” he added.

Commenting on GB Capital’s investment in Kaf, GB Capital Chairperson Mansour Kabbani said: “We strive to explore the full, and yet untapped, potential of this market. We are aware that the Egyptian insurance industry is primed for significant growth and profitable expansion, and we intend to capitalise on that. As such, this move aligns perfectly with our vision for the future, which sees our NBFI business expanding as we diversify our portfolio of offerings in the areas of leasing, consumer finance, BNPL, factoring, micro finance, mortgage finance, securitisation, fleet leasing, e-payments, and insurance.”

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