Moroccan group to acquire LIA Insurance

Bank Audi to sell 81 percent of its insurance firm to Saham Finances

Bank Audi - Audi Saradar Group plans to sell its majority share in LIA Insurance to Saham Finances, a Morocco-based insurance holding company.

Through this agreement, Saham Finances will acquire 81 percent of the capital of LIA Insurance. 

A Bank Audi Group statement said the completion of the transaction is subject to the required regulatory approvals.

Even after the acquisition, Bank Audi and LIA Insurance (previously Libano Arabe sal) will continue to cooperate in the area of bancassurance.

The assets of LIA Insurance stood at around $290 million at end-2011, with around $81 million in 'written premiums'. The company made $11.6 million in net profits last year. 

‘Saham Finances sa’ owns 20 insurance companies, and one reinsurance company spread across 15 African countries. Earlier this year, the International Finance Corporation (IFC) made an equity investment of $125 million in Saham Finances.

UAE-based equity fund, Abraaj Capital, also invested a similar amount in the company. 

Reported by Hanadi Chami