News Middle East05 Oct 2020

Morocco:Atlanta's takeover of Sanad reaches completion

| 05 Oct 2020

The Insurance and Social Insurance Supervisory Authority (ACAPS) has withdrawn the licence of the insurance and reinsurance company Sanad following the completion of the transfer of the company's shares to another insurer, Atlanta Assurances.

The decision was published in the Official Gazette on 24 September 2020, and took effect on 26 September, ACAPS said.

Groupe Holmarcom, owner of the two insurers, has said that Atlanta will take over Sanad in a move aimed at creating synergy in structure, expertise, and resources. The merger will enable the merged entity to hold an 11% market share in the Moroccan insurance market.



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