Saham Insurance acquires 100% of the Mauritian Sun Insurance

September 21, 2016

Saham Finances SA announces the acquisition of 100% Mauritian Company Sun Insurance Co Ltd. The transaction amount was not disclosed. The entry of the company Moulay Hafid Elalamy in the Mauritian territory, hub between Africa and Asia, allowing it to strengthen its network in Africa and particularly in East Africa through Kenya, Rwanda and Madagascar.

“Our desire is to play a pivotal role on the Mauritian market to become a major player,” commented the CEO of Saham Finances, Raymond Farhat, who plays a key role alongside the Group CEO Mehdi Tazi. The insurance company SUN INSURANCE Co Ltd, operates the Life Insurance and Non-Life since 1981 in Mauritius.

Having recently sold its life insurance portfolio, SUN INSURANCE Co Ltd provides insurance cover against all other categories of risks (fire, accident, miscellaneous risk and Transport) extending property insurance (auto, home, commercial, industrial etc.) to liability insurance and personal insurance (health, assistance, accident) for both individuals and businesses.

The Mauritian insurance market consists of 25 insurance companies, including 14 in Non-Life, Life in 7 and 4 Mixed. The insurance business is total premiums of $ 700 million. Source: Financial Afrik