Wafa Assurance is killing two birds with one stone. The insurer consolidates its presence in Cameroon with the acquisition of two new companies.
To this end, it has announced that it has signed a merger agreement with Boniface Kacyem relating to the Cameroonian companies Pro Assur SA and Pro Assur Vie. As a result, Wafa Assurance becomes the majority shareholder of both entities. Two entities that operate respectively in life and non-life. And for good reason, the repurchase agreement covers 65% of the voting shares of Pro Assur SA and a control block representing 89.4% of the shares and voting rights of the company Pro Assur Vie.
As is the case for this type of transaction, the finalization of this double repurchase remains subject to the agreements of the supervisory and regulatory authorities of the sector in Morocco and Cameroon. This seems to be a formality, given the ambitions of Attijariwafa bank’s subsidiary for these entities.
Wafa Assurance wants to make Pro Assur a major player in insurance in Cameroon. This is the first acquisition of the group in Africa since until then, it privileged, said Ramses Aroub, CEO of the company, the greenfields which consist of the creation of companies “from scratch”.
Through this deal, the amount of which has not been disclosed, Wafa Assurance clearly aims to “complement and strengthen its device in the first economy of the Cemac area.” The company has been present in Cameroon since the end of 2014.
More generally, Wafa Assurance has 6 subsidiaries in 4 countries across the continent. Other development projects will be recorded this year, as assured by Aroub which specifies that insurance prospecting for the conclusion of new acquisitions in other African countries. It must be said that the continent is a real growth driver for the insurance group. Moreover, as we announced in our edition of March 15, 2019, 677 million dirhams of sales were generated by subsidiaries outside Morocco. With the exception of Senegal, all subsidiaries posted double-digit increases. This was not the case for the activity in Morocco, whose profitability was strongly impacted by the surge in car claims.