GIC picks up 15% stake in East African Reinsurance

General Insurance Corporation (GIC) has acquired a 14.76% stake in Nairobi-based East African Reinsurance for Rs 7-8 crore. Yogesh Lohiya, chairman, GIC, said the company had received approval from the Kenyan regulator for the acquisition. The GIC board has also cleared the acquisition. East African Reinsurance has five stakeholders.