Morocco’s Wafa Assurance eyes Egypt’s Delta Insurance to boost its international presence

CASABLANCA - Moroccan company Wafa Assurance announced on Monday its plan to acquire a majority stake in Egypt’s Delta Insurance as part of its expansion strategy in the Egyptian market. 

The insurer, listed on the Casablanca Stock Exchange and a subsidiary of Attijariwafa Bank, offered a price of 40 Egyptian pounds per share, valuing Delta at 925 million dirhams (approximately $100 million), according to  a statement from Wafa Assurance.

The main shareholder, Egypt Kuwait Holding Company, which holds 63.39% of Delta, has agreed to sell its entire stake. 

The deal has yet to be approved by the Egyptian Financial Regulatory Authority.

Wafa Assurance is already active in the life insurance sector in Egypt through its subsidiary, Wafa Life Insurance Egypt. 

The Moroccan company said that this acquisition would provide it with the opportunity to grow in a high-potential market.