The Group announced an agreement to acquire Zurich’s Morocco subsidiary
Allianz Group announced an agreement to acquire Zurich Assurances Maroc, a subsidiary of Zurich Insurance Company in Morocco. Pending regulatory approvals, the transaction is expected to close at the end of 2016, for a purchase price of $276m.
Following its view of Africa as one of the important future growth markets, Allianz made an important step towards positioning itself in the continent, where it already has presence in 15 countries.
Morocco is Africa’s second-largest insurance market after South Africa, and its positioning itself as a gateway to Sub-Saharan Africa, with the establishment of the Casablanca Finance City (CFC).
Allianz SE in charge of southern and western Europe, Africa, MENA and India Sergio Balbinot, said: “This deal is a major milestone for our strategy to expand in Africa. Morocco presents good growth prospects for both personal and commercial lines. We will be able to support both our Moroccan and international customers in their local and international business”. He added: “In addition, Allianz is an employer of choice in Africa. We look forward to developing and promoting local talents in a growing market.”