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.

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

Monira Matin

Senior Reporter

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.

Features

US equities: If you can’t beat them, join them

US equities: If you can’t beat them, join them...

European investors have been dismissing US equities as too expensive for a couple of years. But as the S&P 500 continues to outperform other equity markets, appetite for the asset class is again on the...

Directories

Ashburton International
Ashburton International

Ashburton Investments is a new generation investment...

Tweets

Events

Future Advisory Forum Hong Kong 2016
Future Advisory Forum Hong Kong 2016

Tuesday 4th October 2016

Hong Kong

Future Advisory Forum Singapore 2016
Future Advisory Forum Singapore 2016

Thursday 6th October 2016

Singapore

Offshore Bond Workshop Manchester 2016
Offshore Bond Workshop Manchester 2016

12th October 2016
The Midland, Manchester

Future Advisory Forum Cape Town 2016
Future Advisory Forum Cape Town 2016

Tuesday 18th October
The Vineyard, Cape Town

Investment Strategy

Sponsored Content

OTHER STORIES FROM LAST WORD...