Morocco’s Wafa Assurance acquires 65% of Cameroon insurer Pro Assur

Moroccan insurance company Wafa Assurance said it completed the acquisition of 65% of Cameroon’s Pro Assur, a company created in 2000.

The transaction, taking the form of share acquisition and capital increase, was approved by Cameroon’s and Morocco’s regulatory authorities, Wafa Assurance said in a statement.

The deal is meant to help Pro Assur develop its insurance offer in the field of cars, health and technical risks as well as bank insurance, it said.

Through this acquisition, Wafa Assurance boosts its life insurance activities in Cameroon where it is already operating through its subsidiary Wafa Assurance Vie Cameroun.

This investment will pave the way for further deals in the insurance sector in central Africa, the company said.