Morocco: Atlanta licensed to start Ivory Coast non-life venture

Source: Middle East Insurance Review | Dec 2016

Casablanca-headquartered Atlanta Insurance has received approval from the authorities for it to set up a non-life insurance subsidiary in the Ivory Coast.

Atlanta will invest CFA5 billion (US$8.1 million) in the new company in Abidjan, the economic capital of Ivory Coast, reported Informediary. It aims to eventually become a major player in the Ivorian non-life market.

The expansion to Ivory Coast is part of the regional development strategy of Atlanta's main shareholder, the Holmarcom Group which is already present in Senegal and Benin.

In a statement, Atlanta said: ''After studying the opportunities for development in Africa, we opted for the establishment of our own company specialising in non-life. The choice of the Ivory Coast was motivated by the real prospects of growth of this market.''

XOF – CFA Franc100 = US$0.16

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