Morocco's Saham Finances buys 66 pct of Rwandan insurer Corar-AG

RABAT, June 13 Fri Jun 13, 2014 1:25pm EDT

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RABAT, June 13 (Reuters) - Moroccan insurance company Saham Finances has bought a 66 percent stake in Corar-AG Ltd, the third-largest insurance provider in the Rwandan market, for an undisclosed sum, a statement from the company said.

The move is the latest expansion by Saham Finances in Africa and comes after it last year bought the second-largest insurer in Angola, AG Angola Seguros SA. The group has subsidiaries in 19 African countries through its two subsidiaries Colina and Mercantile.

Saham Finances is owned by Groupe Saham, founded in 1995 by Moroccan tycoon - and current trade and industry minister - Moulay Hafid Elalamy. The group also controls CNIA Saada, one of Morocco's biggest insurers.

Saham Finances said Corar-AG had a good level of profitability and a strong reputation in its market. (Reporting by Aziz El Yaakoubi; Editing by David Holmes)

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