Saradar Capital Holding, the holding company of a Lebanese conglomerate, has acquired 51% of Assurex, a 40-year old Lebanese insurance company owned by the Fattal Group.
Fattal Group will remain a shareholder with a 49% stake and Assurex will continue to operate under its own name.
The acquisition is part of a consolidation strategy by Saradar Capital Holding to build an integrated financial services platform under the Saradar Finance House label. The platform covers banking and microfinance, insurance, money transfer, asset and wealth management in Lebanon and abroad.
Assurex is a top tier Lebanese insurance and reinsurance company with underwriting - amongst others—in health, motor and property. Assurex issued over 100,000 policies with total gross written premiums of over $40m in 2018.
“We have worked over the past four decades to build a solid and reputable business,” said Mr Hubert Fattal, chairman and CEO of Fattal Group, “and we are extremely excited about partnering up with Saradar Finance House to deliver a common vision and expansion strategy for Assurex.”
The acquisition of Assurex represents an opportunity for Saradar Finance House to consolidate its portfolio of financial services by gaining further access into the Lebanese insurance market. By combining Assurex’ strong underwriting capabilities and rigorous risk management policies with Saradar’s digital distribution channels and solid banking presence, Saradar Finance House is poised to assemble the building blocks of a successful integrated insurance platform.
“This acquisition and partnership with the Fattal Group comes at a strategic time during the expansion of Saradar Finance House”, said Saradar Group chairman and CEO Mario Saradar, “as it provides opportunities to spearhead our expansion into the insurance sector through new products and services, and an extended geographical footprint. Furthermore, we believe in the strategic fit between Saradar Finance House and Fattal Group as we share a common set of core values and a similar ambition to consolidate and grow our presence in the insurance sector”.
Founded in 1897 and headquartered in Beirut, Fattal Group provides comprehensive distribution solutions through its solid internal infrastructure in the MENA region. The Group’s large product portfolio covers food and beverage, home and personal care, pharmaceuticals, medical and office equipment, perfumes and cosmetics, jewellery, electronics and home appliances.
Founded in Beirut in 1948, Saradar Capital Holding is a conglomerate holding that has played a central role in Lebanese banking for over 70 years. With a dynamic and growing presence in multiple territories, the Group is active in many thriving sectors including financial services, real estate investments, logistics and distribution services. The group comprises Saradar Finance House, its primary business unit focused on financial services; a real estate development and management arm, and a third unit that covers logistics & distribution activities as well as ventures across different sectors.