Tunisia: Govt places stake in insurance brokerage on the block

Source: Middle East Insurance Review | Apr 2020

The Tunisian government has issued, through Al Karama Holding, a call for expressions of interest for its direct stake of 50% in Upcar, an insurance and reinsurance broking firm.

The deadline for submitting a bid is 3 April 2020, according to local media reports.

Under the supervision of the Ministry of Finance, Al Karama is to complete the sale of the state’s shares in Upcar by May 2020, through its advisor Capital African Partners Bank.

Upcar is a limited liability company created in July 1994. With significant expertise in insurance and reinsurance advice and brokerage, its management has managed to diversify its portfolio, promoting near-continuous growth in its activity.

Al Karama is a Tunisian holding company entrusted by the government to manage the companies confiscated from the clan of the late President Ben Ali who was forced from office in 2011 following mass street protests. M

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