Moroccan insurance company Saham Finances has bought the second-largest insurance provider in the Angolan market, AG Angola Seguros SA, for an undisclosed amount, it confirmed on Thursday.
Saham, founded in 1995 by Moulay Hafid Elalamy, operates 35 insurance companies in 19 countries across Africa and the Middle East, including Benin, Ivory Coast, Cameroon, Mali, Gabon, Senegal and Togo. The compay had revenues of 1.9 billion dirhams in the first half of 2013.
GA Angola Seguros is Angola's first privately owned insurance company, offering cover to industrial and mining firms, and holds a 16 percent share of the market there.
