Morocco's Wafa Assurance has announced that it has finalised the acquisition of the life and non-life divisions of Cameroonian insurer Pro Assur.
The announcement, made on 12 November 2019, said that Wafa Assurance had acquired 65% of Pro Assur and a controlling interest representing 89.4% of Pro Assur Life. The deal was entered into last April.
The acquisitions, approved by regulatory authorities in Cameroon as well as in Morocco, Wafa Assurance to strengthen its position in Cameroon, the Casablanca-headquartered insurer said.
Wafa has been operating in Cameroon since June 2016, through its subsidiary Wafa Assurance Life Cameroon, this company was solely operational in Douala, which is the economic capital of Cameroon and the biggest city in the country. It distributes bancassurance products through the sales network of SCB Cameroun, a subsidiary of the Moroccan banking group Attijariwafa, which is also the parent company of Wafa Assurance.
The acquisition of the life and non-life branches of Pro Assur not only allows Wafa Assurance to start its coverage of the Cameroonian territory but also to strengthen Morocco’s footprint in the Cameroonian insurance sector.