Morocco - Transfer of SANAD’s portfolio to ATLANTA approved
Tuesday, 10 06 2020, Category: Insurance and Reinsurance, Country: Morocco
Insurance and Social Welfare Regulatory Authority (ACAPS) has announced that it has approved the transfer of the entire portfolio of insurance and reinsurance company Sanad to insurance and reinsurance company Atlanta.
ACAPS underlines in a press release posted on its website that the revocation of approval by the insurance and reinsurance company Sanad will come after the completion of that company’s portfolio transfer to Atlanta.
The approval was published in the official bulletin dated September 24, 2020, ACAPS noted, stating that these are decisions that occurred on Effective September 26, 2020.
The Moroccan Capital Markets Authority (AMMC) approved the capital increase of the Atlanta insurance and reinsurance company as part of the merger absorption of Sanad last September.
The aim of the merger of the two companies is to create synergies in the structures, expertise, means and resources of Atlanta and Sanad.