Morocco’s Saham Buys 40% Stake in Nigerian Insurer

Casablanca-based Saham Finances, which controls Morocco’s fourth biggest insurer by premiums, bought 40% percent in Unitrust Insurance Co., Moroccan co. says in emailed statement, without giving price.

* Unitrust is “one of the major” insurance cos in Nigeria with 3.3b nairas in written premiums, Saham says;
* Acquisition will “consolidate” Saham’s West African business;
* NOTE: Moroccan insurance firms have followed banks in expanding presence in West Africa;
* NOTE: Saham Finances is indirectly controlled by Industry and Trade Minister Hafid Elalamy, has 58% in listed Saham Assurance. Source: Bloomberg