Nouvelle Societe Interafricaine d’Assurance (NSIA), an Ivorian banking-insurance group, has acquired four insurance subsidiaries from the Cape Town-based Sanlam Group linked to South African billionaire Patrice Motsepe.
Agence Cofin reported that the deal is still subject to the validation of the supervisory authorities of CIMA, CEMAC* and the Central Bank of the Republic of Guinea.
When fully approved, the deal will increase NSIA’s market share in countries essential for its development and strengthen its compliance with the regulatory requirements of the CIMA zone.**
NSIA is a leading West and Central African insurance and banking group offering life and non-life insurance. The group was founded in 1995 by Diagou. It maintains a presence in 12 African countries.
The acquisition includes Sanlam Life Insurance in Togo, Sanlam Life Insurance in Gabon, Sanlam Non-Life Insurance in Congo and Sanlam Non-Life Insurance in Guinea. The deal deepens NSIA’s share on the insurance market in these countries.
In a statement, Diagou, the chairman, CEO and founder of NSIA Group, said the deal will allow the group to establish itself permanently in each country in which it operates.
“We are strengthening our presence in Togo, Gabon, Congo and Guinea,” he said. “For all of our stakeholders, this operation heralds promising prospects.”
Sanlam Insurance Company
Sanlam is a South African financial services group headquartered in Bellville, Western Cape, South Africa. It is the largest insurance company in Africa and is listed on the Johannesburg Stock Exchange, Namibian Stock Exchange and A2X.
Motsepe has been a member of the board since 2004. He is a non-executive director and a member of the nominations and human resources committees.
*CEMAC: Central African Economic and Monetary Community.
**The CIMA zone covers 14 predominantly francophone countries that have adopted and harmonized their insurance laws and regulations. Insurance companies and insurance brokers in the CIMA zone are subject to stringent regulations, offering peace of mind for policyholders and reinsurers alike.
