ape-Town based insurer Sanlam said it will fully acquire Morocco’s SAHAM group insurance business in Africa in a $1.05 billion deal. SAHAM Finances, a Casablanca-based arm of the SAHAM Group founded in 1995 by Moulay Hafid Elalamy (currently Minister of Industry), is the largest insurer on the continent outside of South Africa. This transformation into an investment fund will strengthen SAHAM Group’s footprint, with over 14.000 employees and several sectors in its portfolio after this transaction. “SAHAM Group’s DNA lies within its ability to bring together leading international investors, such as the World Bank, Kingdom Zephyr, Abraaj, Allianz, Bertelsmann, Wendel and more recently the Sanlam Group. As part of its transformation into a Pan-African Investment Fund, SAHAM will now attract new partners, to break new ground, and invest in future-oriented businesses, development accelerators for our country and our continent,” Moulay Mhamed Elalamy, SAHAM Group’s spokesman said.

Source: The North Africa Journal March 08, 2018 16:07 UTC