It is a season of Mergers and Acquisitions in the Nigerian Insurance Industry as Saham Finances, a Pan-African insurance firm controlled by Moroccan multi-millionaire Moulay Hafid Elalamy, has acquired a 40% stake in Nigerian non-life insurer ,Unitrust Insurance, a company owned by Nigerian billionaire General Theophilus Danjuma.
Saham Finances, which is a subsidiary company of the Saham Group, a Moroccan conglomerate with interests in insurance, offshoring, health services and real estate, has been expanding its insurance business across Africa. It recently completed the acquisition of 66% stake in the insurance and reinsurance company CORAR-AG Ltd in Rwanda which controlled 17% market share. This was aimed at allowing Saham Finances to consolidate its development in Central Africa. Earlier in 2014, Saham acquired AG Angola Seguros, the second largest insurer in Angola, while it acquired Mercantile Insurance, a Kenyan insurance firm in January last year.
Founded in 1995 by Moulay Hafid Elalamy, Saham is a group with diversified activities, structured around two historic businesses: the insurance sector and customer relations centers.
For two decades, Saham Group’s Insurance division has steadily grown in Africa and in the Middle East. Today, this segment is worth more than 1 billion dollars (USD), of which 46% stem from Morocco, 27% from Central Africa (including Angola), and 17% from West Africa (including Ivory Cost). The segment has more than 2,000 employees.
In 2013, to optimize the reinsurance needs of its subsidiaries, Saham Group created Saham Ré, a reinsurance company in charge of deploying and sharing subscription best practices.