Morocco: Atlanta and Sanad to merge
Source: Middle East Insurance Review | Jul 2020
The boards of two Moroccan insurers, Atlanta and Sanad, have agreed to the terms of a merger between the two insurers.
The merger, expected to be finalised by the end of September 2020, is subject to the approval of the Supervisory Authority of Insurance and Social Welfare (ACAPS) and the Moroccan Capital Market Authority (AMMC).
The merged entity will have 650 employees and a network of 400 exclusive sales outlets.
Sanad is currently 99.96% owned by Atlanta. Both insurers are part of the Holmarcom group. M