Assuming the regulatory approvals go through,
Allianz will acquire a subsidiary of
Zurich Insurance for €244 million, paving its way into the Moroccan market.
The subsidiary it’s buying is Zurich Assurances Maroc, one of the largest insurance companies in Morocco. It ranks seventh in the property and casualty market and has more than 600,000 customers. In a statement, Allianz said the company holds a licence to life and health insurance products it plans to take advantage of.
Allianz indicated it sees Africa as a future growth market. It already has a presence in 15 African countries, but Morocco represents a big opportunity. It is the second largest insurance market in Africa, only behind South Africa.
Sergio Balbinot, board member of Allianz SE in charge of southern and western Europe, Africa, MENA and India said the purchase is a major milestone for the company and presents good opportunities for growth.
“We will be able to support both our Moroccan and international customers in their local and international business,” Balbinot said. “In addition, Allianz is an employer of choice in Africa. We look forward to developing and promoting local talents in a growing market.”
The transaction is expected to close by the end of the year.
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