Allianz Group has completed the acquisition of Zurich Assurances Maroc from Zurich Insurance Group, strengthening its presence in Africa.
The acquisition also marks Allianz’s entry into the fast-growing insurance market of Morocco, the second-largest in the African continent.
With its 65-year history and its more than 600,000 customers, Zurich Assurances Maroc will help Allianz develop its business in the Moroccan market. The group believes this market has significant growth potential in both retail and corporate insurance.
For customers, this means innovative insurance solutions, customized and accessible claims-handling and high-quality service, says Dirk De Nil, the managing director of Zurich Assurances Maroc.
“This acquisition of a profitable company with skills essential to our future development marks the entry of Allianz Group in a promising market," says Sergio Balbinot, member of the board of Allianz SE, responsible for Africa, Southern and Western Europe, India and the Middle East. “In addition, through our African and global presence, we will be able to support our customers in their local and international activities,” he says.
One of the larger insurance companies in Morocco, Zurich Assurances Maroc generated 114 million euros in gross premiums written in 2015.