Sanlam Group, the South African insurance company, has announced its acquisition of a 22.8% stake of Saham Assurance Maroc, for a price of $137.1 million. The deal is subject to regulatory approval from relevant Moroccan and South African authorities.
Following the acquisition, the South African company will increase its stake in the Moroccan insurance company from 61.7% to 84.5%.
The two companies have agreed to strengthen their partnership to support the South African insurance firm in its economic and commercial ventures in Morocco.
Heinie Werth, the CEO of Sanlam Emerging Markets, said: “This transaction strengthens our long-standing commitment to the Moroccan market. We look forward to consolidating our roots and continuing to offer quality of service and added value to our customers and partners.”
He added, “Morocco and more generally North Africa as well as West Africa remain key markets for Sanlam and this operation is part of our African diversification strategy.”
Said Alj, the Chairman of Sanam Holding explained that “Saham Assurance Maroc represents an important part of Sanlam’s portfolio and we will mutually continue to develop it while helping to strengthen the economic ties between South Africa and the Kingdom of Morocco.”
In 2020, Sanlam bought a 65% stake in FBN Insurance. As a result, First Bank of Nigeria exited insurance business.
According to a First Bank statement, FBN Holdings Plc and Sanlam Emerging Markets Limited have completed the sale and transfer of FBNH’s 65 percent in FBN Insurance limited. This effectively conferred full ownership of FBN Insurance Limited and its Subsidiary, FBN General Insurance Limited on Sanlam forthwith, following receipt of all relevant regulatory approvals.
