Three Moroccan groups interested in 35% takeover of AMI Assurances

November 15, 2016

At least five local and foreign insurers, including three Moroccan groups, have withdrawn the specification for the opening of the capital of the Tunisian company AMI Assurances, to 35%, reported the site Africanmanager information on 10 November.

Moroccan groups interested in joining the Tunisian insurer are Atlanta Assurance, a subsidiary of the conglomerate Holmarcom, Saham Assurance and Wafa Assurance whose parent company Attijariwafa Bank has a banking subsidiary and an insurance company, Life, in Tunisia, it was added from the same source.

On the other hand, two Tunisian groups also withdrew the specifications relating to the call for expressions of interest for the sale of 35% of the capital of AMI Assurances. This is, according Africanmanager, the Tunisian Insurance Group (GAT) and the Insurance Company and Reinsurance Tunisian-European (map).

Founded in 2003, AMI Assurances currently holds the 3rd place in the Tunisian market.

The company listed on the Tunis Stock Exchange has among its key shareholders the Banque Nationale Agricole (26% of the capital) and Hédi Bouchamaoui Group Holding (23%).

AMI Assurances announced a net profit of 12.04 million Tunisian dinars (5.80 million dollars) in 2015, up 108%, compared to 2014. Source: Ecofin