At least five insurers, locals and foreign, including three Moroccan groups, have expressed their interest in acquiring 35% of Tunisian firm AMI Assurances, website Africanmanager revealed on Nov. 10.

The Moroccan firms interested in entering the insurer’s shareholding are Atlanta Assurance, subsidiary of Holmarcom, Saham Assurance and Wafa Assurance whose mother-company Attijariwafa Bank owns a subsidiary bank as well as a life-insurance firm in Tunisia, the same source added.

Moreover, two local groups have submitted their bids to acquire the 35% stake of AMI Assurances. According to Africanmanager, these are the Groupe des Assurances de Tunisie (GAT) and the Compagnie d’Assurance et de Réassurance Tuniso-Européenne (Carte).

Founded in 2003, AMI Assurances is currently the third largest institution in Tunisia’s insurance market.

Listed on the Bourse de Tunis, AMI Assurances counts among its reference shareholders Banque Nationale Agricole (National Agricultural Bank) which holds a 26% stake and Hédi Bouchamaoui Group Holding (23%).

AMI Assurances announced a net profit of 12.04 million Tunisian dinars ($5.80 million) in 2015, up 108% compared to 2014.