RABAT, June 13 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)