Morocco: Merger between Atlanta and Sanad insurance companies takes hold

The merger between Atlanta Assurances and its subsidiary Sanad Assurances took effect Monday as both firms held a joint board meeting.

Groupe Holmarcom, owner of the two firms, in a statement said Atlanta will engulf Sanad in a move that will enable the insurance service company to bolster its positioning in the insurance industry in Morocco.

With the merger, Holmarcom boasts a revenue of MAD5 billion (over $505 Million) as well as a work force estimated at 650 employees and 400 branches.

The operation will be completed in September pending approval by the Moroccan Capital Market Authority, AMMC.

Atlanta Assurances controls 99.96 per cent of Sanad shares.