GA Angola Seguros, Angola’s largest private insurance company, has been sold for an undisclosed sum to Moroccan group Saham, the chief executive of GA, Fernando Dolbeth Assunção said in Luanda.
The Angolan insurance market is estimated to be worth around US$1 billion and GA’s revenues in 2012 totalled US$161 million, which was around 16 percent of the market.
GA Angola’s customers include large groups such as General Electric, Chevron, Odebrecht and diamond company De Beers, according to a presentation of the company. GA has six offices, around 150 employees and started operating in 2005.
Angola’s largest insurance company is state-run Empresa Nacional de Seguros e Resseguros de Angola (ENSA), which has strong links to Sociedade Nacional de Combustíveis de Angola (Sonangol), and a 40 percent share of the market.
The Insurance Services Alliance owned 70% of GA and the remaining 30 percent belonged to an unnamed Angolan partner.
The Saham group, founded in 1995 by Moulay Hafid Elalamy, owns 35 insurance companies in 19 countries across Africa and the Middle East including Benin, the Ivory Coast, Cameroon, Mali, Gabon, Senegal and Togo. (macauhub)