20 June 2016Insurance

Allianz to buy Zurich Moroccan unit for €244m

Allianz has unveiled plans to acquire Zurich Assurances Maroc, a subsidiary of Zurich Insurance Company in Morocco, for €244 million.

The business, which generated €114 million gross written premiums in 2015, also has a licence for life and health insurance products, which Allianz plans to utilise.

Allianz said it views Africa as one of the important future growth markets and is currently present in 15 countries in Africa.

Sergio Balbinot, board member of Allianz in charge of southern and western Europe, Africa, MENA and India, said: “This deal is a major milestone for our strategy to expand in Africa. Morocco presents good growth prospects for both personal and commercial lines.

“We will be able to support both our Moroccan and international customers in their local and international business. In addition, Allianz is an employer of choice in Africa. We look forward to developing and promoting local talents in a growing market.”

Pending regulatory approvals, the transaction is expected to close end of 2016.

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23 February 2017   Allianz Group has officially launched its Moroccan unit that the company acquired in 2016 from Zurich Insurance. It began operations in January 2017 under the new name Allianz Maroc.
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21 June 2016   Morocco is a stable country politically and economically with a growing middle class and could serve as a hub for Allianz to pursue further growth in Africa, Thomas Atkins, head of channels and financial communications at Allianz, told Intelligent Insurer.