Cameroon-headquartered pan-African group SAAR Assurance has finalised a majority stake acquisition in Compagnie d'Assurance et de Reassurance (CAR), marking its entry into the Mauritanian market.
This transaction, subject to regulatory approvals, represents a strategic step for the group, which is continuing its expansion across the continent.
SAAR (La Société Africaine d'Assurances et de Réassurances) was established in Cameroon in November 1990. It has a network covering at least seven countries in Africa: Cameroon, Ivory Coast, Liberia, Republic of Guinea, Sao Tome and Príncipe, Senegal and Chad.
Broking
Separately, Paris-headquartered pan-African insurance broker, OLEA, has opened OLEA Mauritania, following the granting of the necessary regulatory approvals.
This new unit brings the number of countries covered by the OLEA network in Africa to 27.
"Mauritania is undergoing an economic transformation driven by major investments in the mining, energy, infrastructure and transport sectors," said a media statement from OLEA.
Mr Mohamed Aly Elhilal, Managing Director of OLEA Mauritania, said, “The creation of OLEA Mauritania allows us to put our expertise at the service of companies and investors operating in the country. Our goal is to offer them local support and solutions tailored to the realities of the Mauritanian market.”
Insurance developments
Mauritania held its National Insurance Conference in December 2025, during which industry stakeholders discussed the underdeveloped sector. The discussions highlighted several structural factors limiting insurance market development: significant undercapitalisation, excessive fragmentation of the sector, with 17 companies serving fewer than 5m inhabitants. Of the insurers, 10 are focussed on the automotive sector, and an overall lack of technical expertise and insurance culture.
On-going reforms in the insurance industry in Mauritania include the joint development of a programme between the Central Bank of Mauritania and insurance companies, the drafting of a new Insurance Code, and the modernisation of the control and supervision system.