Morocco's Saham Finances buys Mauritian insurer Sun Insurance

RABAT, Sept 21 (Reuters) - Moroccan insurance company Saham Finances has bought Mauritian insurer Sun Insurance Co Ltd for an undisclosed sum, the Moroccan company said in statement on Wednesday.

The deal is the latest expansion by Saham Finances in Africa and follows its acquisition of a 40 percent stake in Nigeria’s Unistrust Insurance Co, Rwanda’s Corar-AG, and Angola’s AG Seguros SA in the last three years. Saham has subsidiaries in 26 African countries through its two subsidiaries Colina and Mercantile.

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

Sun Insurance will allow Saham Finances to consolidate its development in East Africa, including Kenya, Rwanda and Madagascar, the company’s statement said.

Saham Finances said Mauritius has 25 insurance companies with $700 million of written premiums and promising growth potential.

Reporting By Aziz El Yaakoubi. Editing by Jane Merriman