Following the 2020 takeover of a 75% stake by EFG Hermes Holding and GB Capital in Tokio Marine Egypt Family Takaful, the company has been rebranded to Kaf.
Kaf, under the guidance of new management, seeks to set itself apart by making insurance hassle-free for its customers and by providing them with straightforward, fair, and value-for-money insurance solutions, according to a recent press release.
Sohail Ali, Managing Director of Kaf, said: “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 […] 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.”
Since the acquisition 18 months ago, Kaf has seen exponential growth, from 0.1 million customers pre-acquisition to currently covering the lives of c. 2 million Egyptians in 2022. The company focused on issuing policies targeting employees, small business owners, and the micro-segment.
Ali added: “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.”
Building on the disruptive heritage of both EFG Hermes Holding and GB Capital, Kaf will seek to bring a fresh perspective to a well-established industry.
