Saham Finances takes control of Sun Insurance

Saham Finances has acquired Mauritian non-life insurer Sun Insurance for an amount that is left undisclosed. This takeover will enable the Moroccan group to set foot on the Mauritian market which stands as a stepping stone to southern Africa and Asia.

Saham is consolidating its positions in the region where it is already in possession of companies in Kenya, Rwanda and Madagascar.

Sun Insurance was set up in 1981 and has recently ceded its life operations in order to focus on non life insurance. The local market is generating a turnover of 700 million USD through 25 insurance companies, 14 of which specialized in the non life business, seven in the life sector while four are composite companies.

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