Zurich announced in February that it was evaluating the future of it business in Morocco. Now it has decided to sell the branch to a German rival.
Allianz insurance company has signed a written undertaking to acquire the unit, according to a statement by the German firm on Friday.
Allianz will pay 244 million euros for the Morocco business of Zurich. The transaction will be concluded by the end of the year, in case of an approval by the regulator. Zurich Assurances Maroc, which is based in Casablanca, has more than 600,000 clients with gross premiums of 114 million euros in 2015.
Life and Healthcare Potential
The business also has a license for life and healthcare insurance, which Allianz intends to use.
«This deal is a major milestone for our strategy to expand in Africa,» said Sergio Balbinot, a member of the board at Allianz, in the statement. «Morocco presents good growth prospects for both personal and commercial lines.
