This takeover certainly marks a turning point in continental insurance. It tells us, first, that capitals exist, second, that capitals believe in the future of Southern markets and third, that the division between the countries situated on both sides of the Sahara is just an illusion.
Sign of the times, insurers who ignored each other a few decades ago are now seated at the same table talking about development, distribution networks, training, technical support.
The deal brokered by Saham materializes a trend of concentration and creation of African groups of international stature. Initiated by the Africa Re and pursued by the South African Momentum, Metropolitan, the Ivorian NSIA, SUNU and Globus, this trend is only poised to pick up.
The wall of the Sahara has just crumbled. When will South Africans hit the shores of the Mediterranean?