Moroccan insurance company, RMA Wataniya, has acquired four insurance companies operating in “three key countries” within the Inter-African Conference on Insurance Markets (CIMA zone).
The move, which is the first step on the company’s path to expanding its business in Africa, aligns with the company’s objective to establish presence “in more than a dozen African countries at the end of the decade, and to aim for a level of cumulative premiums of 400 to 500 million.”
Although neither the names of the country nor companies were revealed, RMA said the countries were targeted because of their market size and level of development.
Media sources however speculate that these companies could be the four subsidiaries of the Ivorian Belifa Insurance Group, namely Beneficial Life Insurance SA Cameroon, Cameroon Beneficial General Insurance SA, Beneficial Life Insurance SA Insurance Belifa Togo and Côte d’Ivoire SA.
RMA Wataniya is recognised for its expertise in Morocco as a pioneer insurance company. Its expertise is also recognised in the area of bancassurance business control, financial capacity and its potential in the investment and asset management.