Morocco: Allianz buys Zurich Insurance subsidiary for €244 million
Saturday, 18 June 2016 04:57
German insurer Allianz announced in a statement published on June 17 it has bought Moroccan subsidiary of Zurich Insurance for €244 million.
Subject to necessary regulatory approvals, the deal should be sealed before the end of 2016, the same source reports.
Zurich Assurances Maroc is 7th in Morocco’s Casualty & Accidents insurance market. It has a pool of 600,000 customers. In 2015, the company had €114 million of gross premiums.
The firm also has a license that allows it to sell life and health insurances.
In its statement, Allianz indicated that it considers Africa to be a “significant market for its expansion”, but refused to reveal if any deal similar to that with Zurich Insurance was projected in the continent.
With an average annual growth of 6-7%, Morocco is Africa’s second largest insurance market, according to Allianz.
Zurich Insurance initiated in February 2016 a procedure to sell its casualty branches in South Africa and Morocco in the framework of strategic revision of the assets of its unprofitable insurance business.
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