Saham Finances, one of the largest insurers in Africa, is the market leader in most of the 26 countries in which it operates, writing mostly non-life business. It has a network of over 650 branches, a staff complement of more than 3000 people and a consolidated turnover of over USD1 billion.
It is the largest insurance group in Africa outside of South Africa and has seen steady growth particularly in Africa because of its ambitious and deliberate acquisition strategy. To this end, the company has recently made several acquisitions in Nigeria, Kenya, Rwanda and Angola, among others.
The company, which operates mainly in the insurance, assistance and health administration sectors, has an extensive presence in Africa and the Middle East. It offers a unique and complete service, responding to the expectations of private individuals, professionals and companies.
Sanlam Group’s Chief Executive, Mr Ian Kirk, says: “We believe that Africa presents us with a unique, long-term growth opportunity. This partnership with Saham Finances will provide the Sanlam Group with a significant competitive advantage as no other insurance company can offer the same regional network to the professional and corporate market. This transaction, which is aligned to our diversification strategy, will enable us to access a diversified blend of new high-growth insurance markets in North and West Africa, which are largely underpenetrated.