What the Saham deal means for Sanlam in Morocco

 INSURANCE SECTOR
After much speculation about whether Moroccan authorities would allow it, Sanlam has wrapped up the acquisition

 Londiwe Buthelezi

Ian Kirk. Picture: RUSSELL ROBERTS
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After seven months of waiting and much speculation about whether the Moroccan authorities would allow an SA player to take over their largest insurer, Sanlam has concluded the acquisition of Saham Finances.

The SA insurer announced on Thursday that it had fulfilled all conditions  needed for the transaction to be finalised and the $1bn price tag had been paid to the Moroccan insurer’s parent company, the Saham Group.
“I was always confident that it was going to go through,” said Sanlam CEO Ian Kirk on Thursday.
The insurer already owned 46.6% of Saham Finances but the acquisition of the remaining 53.37% will give Sanlam direct presence in 33 countries in Africa. It will give Sanlam access to 65 subsidiaries across Africa, a network of 700 branches, more than 3,000 employees and $1.2bn in annual turnover.
Saham Finances also has a presence in the Middle East. Sanlam will hold a 90% stake, with its short-term insurance arm, Santam, getting the remaining 10%.