ACECA and Jean Busnot International are on a joint venture for credit insurance

ACECA, one of the heavy weights of the Moroccan brokerage has established a partnership with Jean Busnot International in order to set up the first firm specialized in credit insurance. Named Jean Busnot Maroc (JBM), the new entity will be run by Abdeljalil Chraibi, former chairman of Watanya. The firm is targeting Moroccan companies which operate on the local or international markets. Hardly developed in the kingdom, credit insurance has, nonetheless, reported a high growth rate in the two recent years, +22% in 2008 and +31.5% in 2007. These rates are well above those of the entire market, that is, 11.8% in 2008 and 19.9% in 2007.