Zurich Assurances Morocco increases its capital

Zurich Assurances Morocco plans to increase its capital to 147 million MAD (15.27 million USD) due to the injection of 57 million MAD (5.92 million USD). The operation will be carried out through the issuance of 190 000 new shares with a nominal value of 300 MAD (31.17 USD). The decision will be approved at the extraordinary general meeting of the company to be held on December 15, 2015.

With this recapitalization, the Moroccan subsidiary of the Swiss group Zurich Insurance hopes to double its turnover by 2020 and thus hold 10% of the Moroccan insurance market.

As a reminder, Zurich Assurances Morocco closed the year 2014 with a turnover of 1.17 billion MAD (121.56 million USD), up by 5.8% compared to 2013.