Merger between Atlanta Assurances and Sanad
After holding a meeting on 1st June 2020, the boards of directors of Atlanta and Sanad agreed on the terms of the merger project between the two Moroccan insurance companies. Sanad, currently owned at 99.96% by Atlanta, is to be acquired by the latter.
The merger, expected to be finalized by the end of September 2020, is subject to the approvals of the Supervisory Authority of Insurance and Social Welfare (ACAPS) and the Moroccan Capital Market Authority (AMMC).
The operation shall give birth to a leading insurance company on the market whose consolidated turnover would amount to 5 billion MAD (515.274 million USD) in 2019.The future entity shall rely on its 650 employees and on a network of 400 exclusive sales outlets.
Read also | Atlanta Assurances and Sanad’s merger approved
