Morocco's Saham Finances buys Mauritian insurer Sun Insurance

Added 23rd September 2016

Moroccan insurer Saham Finances has bought Mauritian insurer Sun Insurance for an undisclosed sum, the company has confirmed.

Morocco's Saham Finances buys Mauritian insurer Sun Insurance

The sale is the latest expansion by Saham Finances in Africa after its buyout of a 40% stake in Nigeria’s Unitrust Insurance, Rwanda's Corar and Angola’s AG Seguros over the past three years.

Saham Finances is owned by Groupe Saham, founded in 1995 by Morocco’s trade and industry minister Moulay Hafid Elalamy, which controls one of the country’s largest insurer CNIA Saada.

Saham has subsidiaries in 26 African countries through its two units Colina and Mercantile.

The company's statement said acquiring Sun Insurance will allow Saham Finances to consolidate its development in East Africa, including Kenya, Rwanda and Madagascar.

Saham Finances said Mauritius has 25 insurance companies with $700m (£535m, €624m) of written premiums and promising growth potential.

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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