(Ecofin Agency) - Saham Finances SA, insurance branch of Moroccan firm Saham Group has bought 100% interests of Mauritian firm Sun Insurance Co Ltd, reported Moroccan website infomediaire on Sept 19.

“We wish to have a structuring role in Mauritius, to become a reference actor and therefore let our offers achieve international standards,” said Saham Finances chief executive, Raymond Farhat.

In Mauritius, the insurance markets counts 25 firms of which 14 operates in the non-life business, 7 in the life-insurance business and 4 in both. Total earnings for the sector amount to $700 million.

Created in 1981, Sun Insurance, in 2010, sold its life-insurance business to its rival Anglo-Mauritius. The firm however kept providing insurances for all other risks (fire, accident, diverse risks, transport, housing, health, etc.).

Founded in 1995 by Moulay Hafid Elalamy, Morocco’s actual minister of industry, trade, investment and digital economy, the Saham group operates in 26 African countries.