logoBC
Yaoundé - 21 June 2021 -
Insurance

Morrocan Wafa Assurance extends its footprint in Cameroon with acquisition of Pro Assur

Morrocan Wafa Assurance extends its footprint in Cameroon with acquisition of Pro Assur
  • Comments   -   Thursday, 14 November 2019 14:17

(Business in Cameroon) - On November 12, 2019, Moroccan insurance firm Wafa Assurance officially announced the finalization of the acquisition of the Life and non-life divisions of Cameroonian insurer Pro Assur.

Thanks to this double transaction, which began in April 2019 with the signature of an agreement between the two parties, “Wafa Assurance acquires 65% of voting rights shares of Pro Assur SA and controlling interest representing 89.4% of the shares and voting rights of Pro Assur Vie,” official sources report.

This operation, approved by supervisory and regulatory authorities in Cameroon as well as in Morocco, according to Wafa Assurance, allows Wafa Assurance to strengthen its position in Cameroon.

In operation since June 2016, through its subsidiary Wafa Assurance Vie Cameroun, this company was solely operational in Douala. It notably distributes its bancassurance products through the sales network of SCB Cameroun, a subsidiary of the Moroccan banking group Attijariwafa, which is also the parent company of Wafa Assurance.

The acquisition of the Life and non-life branches of the Cameroonian insurer Pro Assur not only allows Wafa Assurance to start its coverage of the Cameroonian territory but also, and above all, to strengthen Morocco’s footprint in the Cameroonian insurance sector.

Indeed, in March 2014, before Wafa Assurance's arrival in Cameroon in 2016, Moroccan insurer RMA Watanya had already acquired 38% of the capital of the two local subsidiaries of Ivorian group Belife Insurance, Beneficial Life Insurance SA Cameroon and Beneficial General Insurance SA Cameroon namely. They were bought at XAF3.1 billion (about $6.2 million).   

Brice R. Mbodiam

national-social-insurance-fund-cnps-has-xaf325-bln-of-cash-according-to-ceo-mekulu-mvondo
As of December 31, 2020, the National Social Insurance Fund CNPS had XAF325 billion of cash in its treasury. This was revealed by Alain Olivier Noël...
vog-raises-over-xaf4-bln-for-the-development-of-the-matanda-block
British oil firm Victoria Oil & Gas (VOG), the parent company of Gaz du Cameroun (GDC), announces that it recently raised $7.5 million...
cameroon-the-low-number-of-new-civil-servants-to-be-recruited-this-year-is-due-to-the-socio-economic-environment-minfopra-le-says
On June 11, 2021, Minister of Public Services (MINFOPRA) Joseph Lé (photo), signed 28 decisions launching the recruitment of new staff into the civil...
cameroon-telecom-regulator-art-announces-new-regulatory-model-to-become-highly-efficient-by-2025
In Cameroon, the Telecommunications Regulatory Board (ART) informs that it is currently elaborating a new regulatory model to become a robust, innovative,...

Mags frontpage


Business in Cameroon n100: May 2021

These Cameroonian startups raise billions


Agro-industry and land rights


Investir au Cameroun n110: Mai 2021

Ces start-ups camerounaises qui lèvent des milliards


Agro-industrie et droits fonciers