Allianz Group has signed an agreement to acquire Morocco-based Zurich Assurances Maroc for €244m.
Established in 1953, Zurich Assurances Maroc provides products and services in the life and non-life market segments.
With around 600,000 customers, the company is claimed to be the Morocco’s seventh largest insurer in the property and casualty market.
The firm also provides life and health insurance products to its customers.
Zurich Assurances Maroc generated €114m in gross premiums written in the last year.
The acquisition will allow Allianz to expand its operations in the African continent. It currently operates in 15 African countries.
Subject to regulatory approvals, the deal is expected to complete by the end of this year.
Allianz SE southern and western Europe, Africa, MENA and India in charge Sergio Balbinot said: “This deal is a major milestone for our strategy to expand in Africa. Morocco presents good growth prospects for both personal and commercial lines.
“We will be able to support both our Moroccan and international customers in their local and international business.”
In April, Zurich American Insurance completed the acquisition of Rural Community Insurance Services (RCIS) from Wells Fargo & Company for around $1.05bn.
RCIS, which comprise of Rural Community Insurance Agency and its subsidiary Rural Community Insurance Company (RCIC), offers federal crop insurance programs and private crop insurance products to its customers.