Tunisia: AMI Assurances to call for foreign partner
Source: Middle East Insurance Review | Apr 2016
AMI Assurances, one of Tunisia's largest insurers, will start calling for a foreign strategic partner in April.
The new partner, expected to be known by October, will hold a 33% stake in the company, reported the Ecofin Agency.
Last October, shareholders at an extraordinary general meeting approved an increase of TND5.288 million (US$2.6 million) in the company's capital to TND18.508 million. The increase was decided following an audit which revealed that the company's technical and financial reserves were inadequate.
In 2014, shareholders approved a restructuring programme which included looking for a strategic partner which could strengthen the competitive position of AMI Assurances, while ensuring that capital requirements were met.
The insurer reported a profit of TND5.8 million for the financial year ended 31 December 2014.
In 2014, AMI Assurances changed its status from an insurance mutual to that of a limited company to strengthen its capital base. It had undertaken a fundraising exercise then, raising more than TND31 million.
TND1 = US$0.50