Allianz to Pay Zurich Insurance $274 Million for Moroccan Insurer
June 17 2016 - 10:38AM
Dow Jones News
By Ulrike Dauer
FRANKFURT--Allianz SE (ALV.XE), Europe's biggest insurer by
market value, on Friday said it agreed to buy Moroccan insurer
Zurich Assurances Maroc from Zurich Insurance Group AG
(ZURN.EB).
Allianz will pay 244 million euros ($274 million) for the
company, which is a property and casualty insurer in the North
African country and generated EUR114 million in gross premiums in
2015. Zurich Assurances Maroc, currently a unit of Zurich Insurance
Co. in Morocco, also has a license for life and health insurance
policies.
The transaction is expected to close at the end of 2016, Allianz
said. It is still awaiting regulatory approvals.
"This deal is a major milestone for our strategy to expand in
Africa. Morocco presents good growth prospects for both personal
and commercial lines," said Sergio Balbinot, board member of
Allianz SE in charge of southern and western Europe, Africa, Middle
East and North Africa and India.
The acquisition in Morocco, Africa's second-largest insurance
market after South Africa, marks an important step for Allianz's
growth in the region. Allianz is currently present in 15 countries
in Africa, including Morocco.
Write to Ulrike Dauer at ulrike.dauer@wsj.com
(END) Dow Jones Newswires
June 17, 2016 10:23 ET (14:23 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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