African market News

Sanlam Looks for More African Deals After $1.1B Investment in Morocco’s Saham

Fresh from sealing its biggest ever deal, Sanlam Ltd. is still scouring Africa for more acquisitions to extend its lead as the continent’s largest financial-services company outside of banking. The Cape Town-based insurer will spend $1.1 billion to take full …

Allianz Acquires Nigeria’s Ensure Insurance to Expand in Key African Market

Allianz Group announced a binding agreement to acquire 98 percent of Nigerian insurer Ensure Insurance Plc. from its core shareholder Greenoaks Global Holdings Ltd. Financial details of the transaction were not disclosed. Ensure Insurance Plc. offers life and non-life insurance …

Kenya’s CIC Expects Uganda, Malawi Units to Break Even in 2 Years

Kenyan insurer CIC Group expects its Uganda and Malawi businesses to break even in the next two years, its chief executive officer said on Thursday. The East African nation has a low rate of insurance penetration, with less than 10 …

Allianz Officially Launches Its Moroccan Subsidiary

The Allianz Group has officially launched its Moroccan subsidiary, Allianz Maroc, which has has been a part of the Allianz Group since Nov. 3, 2016, following the acquisition of 98.9 percent of Zurich Assurances Maroc. After obtaining the relevant regulatory …

RSA Global Network Expands African Service by Extending Globus Partnership

Leading international insurer RSA can now service multinational customers in five more African countries after extending an existing partnership with Africa-based insurance network, Globus. Founded in 2007, Globus Network operates from its head office in Douala, Cameroon, and is the …

Fairfax Plans to Raise $1 Billion in IPO for Fund to Make Africa Investments

Fairfax Financial Holdings Ltd., the Canadian insurer that made its largest acquisition last week, is selling shares in an initial public offering for a fund that will make investments in Africa. The company is seeking to raise as much as …

African Demand for Political & Trade Credit Cover Rises Ahead of Kenya Elections

African Trade Insurance Agency, an insurer covering political and trade credit risk across 13 nations, said it’s seeing higher demand ahead of elections in Kenya next year. East Africa’s biggest economy is still haunted by sectarian violence that erupted after …

XL Catlin Opens Unit in Africa to Write Facultative and Treaty Reinsurance

XL Catlin has established a new Reinsurance Unit focused on providing facultative and treaty reinsurance across Africa. Leading the team is Alex St James who has been appointed as head of Africa for XL Catlin’s Reinsurance operations. Additionally, XL Catlin …

Liberty Kenya Holdings Targets Acquisitions of Kenyan Insurers to Bolster Foothold

Liberty Kenya Holdings Ltd. is considering as many as 10 acquisition targets as part of the insurer’s five-year strategy to increase its foothold in East Africa’s biggest economy. “That is on the cards if we can get a suitable candidate,” …

Allianz Plans to Purchase Zurich’s Moroccan Division for $275M

Allianz Group plans to pay more than $275 million for Zurich Insurance’s Moroccan subsidiary. The deal for Zurich Assurances Maroc is expected to close at the end of 2016, pending regulatory approvals. Zurich’s sale of its Moroccan division follows a …