llianz SE, Europe's biggest insurer by market value, on Friday said it agreed to buy Moroccan insurer Zurich Assurances Maroc from Zurich Insurance Group AG.Allianz will pay 244 million euros ($274 million) for the company, which is a property and casualty insurer in the North African country and generated EUR114 million in gross premiums in 2015. Zurich Assurances Maroc, currently a unit of Zurich Insurance Co. in Morocco, also has a license for life and health insurance policies.
The transaction is expected to close at the end of 2016, Allianz said. It is still awaiting regulatory approvals.
"This deal is a major milestone for our strategy to expand in Africa. Morocco presents good growth prospects for both personal and commercial lines," said Sergio Balbinot, board member of Allianz SE in charge of southern and western Europe, Africa, Middle East and North Africa and India.
The acquisition in Morocco, Africa's second-largest insurance market after South Africa, marks an important step for Allianz's growth in the region. Allianz is currently present in 15 countries in Africa, including Morocco.