Allianz To Buy Zurich Assurances Maroc From Zurich Insurance

(RTTNews) - German insurance giant Allianz SE on Friday agreed to buy Moroccan insurer Zurich Assurances Maroc from Zurich Insurance Group AG for 244 million euros.

Zurich Assurances Maroc is one of the largest insurance companies in Morocco, currently ranking at number 7 in the property and casualty market and serving more than 600,000 customers. In 2015, Zurich Assurances Maroc generated 114 million euros in gross premiums written.

Allianz also plans to utilize Zurich's license for life and health insurance products.

Allianz, which currently has presence in 15 African countries, expects the acquisition in Morocco to strengthen its future growth in the African region. Morocco is Africa's second-largest insurance market after South Africa.

"This deal is a major milestone for our strategy to expand in Africa. Morocco presents good growth prospects for both personal and commercial lines," said Sergio Balbinot, board member of Allianz SE in charge of southern and western Europe, Africa, MENA and India.