Africa - Algeria: CAAT increases capital by 40% to US$149 mln
Source: Middle East Insurance Review | Feb 2016
State-owned Compagnie Algérienne des Assurances Transports (CAAT) has increased its capital to DZD16 billion (US$149 million) – nearly 40% from DZD11.49 billion previously – by transferring funds from reserves, the company said in a statement.
CAAT said that the higher capital will enable it “to consolidate its position as an insurer of major risks while strengthening its retention capacity”.
Specialising in transportation insurance when it started operations in 1985, CAAT has since diversified its portfolio and has entered new niches such as industrial risk insurance and personal insurance. In 2014, CAAT reported a turnover of over DZD20 billion, consolidating its position as the second largest insurer in the country in terms of market share.
DZD10 = US$0.09