Afma Group aims to take full control of the local insurance broking company SAFE ASSUR with the acquisition of the remaining 49% of shares in the latter that it does not already own.
This was revealed by the Competition Council in a notification based on a submission by the two broking companies. The purchase price for the 49% stake was not disclosed.
When the deal is finalised, Afma will become the sole owner of SAFE ASSUR, with 100% of its capital and voting rights. The takeover is aimed at consolidating Afma's business in the Moroccan insurance brokerage market.
Established in 1948, Afma has 16 subsidiaries that carry out their insurance and reinsurance brokerage activities in various cities in Morocco as well as in Cote d'Ivoire.
Both Afma and SAFE ASSUR are headquartered in Casablanca.
The Competition Council has invited public comment on the takeover, with responses to be submitted by 21 July 2025.