RABAT Nov 21 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 Finances is owned by Groupe Saham, founded in 1995 by Moroccan tycoon - and current trade and industry minister - Moulay Hafid Elalamy. The group, which also controls CNIA Saada, one of Morocco's biggest insurers, had revenues of 1.9 billion dirhams ($226 million) in the first half of 2013.
Banking sources said French bank Societe Generale had arranged the deal, negotiations for which had taken about a year and which was concluded before Elalamy became a minister. Saham's communication department confirmed the deal was signed on October 22, but gave no further details.
Saham Finances has subsidiaries in 19 African countries through its two subsidiaries Colina and Mercantile. 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.
(Reporting by Aziz El Yaakoubi; Editing by Catherine Evans)