JOHANNESBURG – Sanlam on Thursday became the largest insurer across the African continent following its $1.05 billion (R15.37bn) splurge on Saham after regulators authorised the purchase of more shares in the Moroccan insurance group.
Sanlam said the deal gives it access to 26 more countries on the continenent, in addition to the seven countries in which it already operates.
“The African presence of the combined group is unparalleled in the industry,” said Sanlam emerging markets chief executive Junior Ngulube.
“With expertise across life, general and specialist insurance and investment management in Africa, we now have significant opportunities for cross-selling and diversification.” Saham has operations across North, West and East Africa, as well as in the Middle East.
