Morocco’s Wafa buys Cameroon’s Pro Assur

Moroccan insurance firm Wafa Assurance has finalised its acquisition of the non-life and life divisions of Cameroonian insurer Pro Assur for an undisclosed sum.

A statement on the deal said: “Wafa Assurance acquires 65% of voting rights shares of Pro Assur SA and a controlling interest representing 89.4% of the shares and voting rights of Pro Assur Vie.”

The deal, approved by both supervisory and regulatory authorities in Cameroon and Morocco, according to Wafa Assurance, allows the insurer to strengthen its position in Cameroon.

Since June 2016, it has been operating through its subsidiary Wafa Assurance Vie Cameroun, distributing its bancassurance products through the sales network of SCB Cameroun, a subsidiary of the Moroccan banking group Attijariwafa, which is also the parent company of Wafa Assurance.

Wafa adds to the Moroccan presence in Cameroon. In March 2014, Moroccan insurer RMA Watanya acquired 38% of the capital of the two local subsidiaries of Ivorian group Belife Insurance, Beneficial Life Insurance SA Cameroon and Beneficial General Insurance SA Cameroon.

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