Morocco: Allianz completes acquisition of Zurich unit

Source: Middle East Insurance Review | Dec 2016

The Allianz Group has finalised its acquisition of 98.9% of Zurich Insurance Morocco following the receipt of regulatory approval.

The Moroccan insurance market is attractive and has good prospects for growth, both in the retail and commercial segments, said Allianz in a statement. The Moroccan unit will continue to operate under the Zurich brand during the transition period necessary to complete the formalities relating to the rebranding. All terms and conditions of insurance contracts remain unchanged.

Allianz acquired Zurich Insurance Morocco, which is Morocco's seventh biggest property and casualty insurer, for EUR244 million (US$262.8 million), according to an announcement in June. The Zurich unit also has a licence for life and health insurance products, which Allianz plans to utilise.

EUR1 = US$1.08

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.