The insurance company, Wafa Assurance, has announced that it has finalized the acquisition of the shares of Pro Assur SA, operating in non-life in Cameroon, up to 65%.
In a statement, from Wednesday, November 13, the institution said that « this operation carried out through an acquisition of shares and a capital increase, came after obtaining various regulatory approvals from regulators in Morocco and in Cameroon « .
This initiative, the statement said, will also allow the insurer to strengthen its presence in the main markets of the Inter-African Conference of Insurance Markets (CIMA), consisting of Côte d’Ivoire, Cameroon and Senegal.
These countries cover 65% of the market estimated at around 18 billion dirhams, or 1.6 billion euros.
Thus, Wafa Assurance’s ambition for Pro Assur is to strengthen its offer in the automotive, illness and technical risks, to develop links with distribution networks operating in Cameroon and to study know-how transfers. in favor of the Cameroonian company, particularly in bancassurance or in financial inclusion.
As a reminder, Wafa Assurance obtained its approval on July 8, 2015, in Cameroon. And the following year, the establishment started its activities.