The Holmarcom Group proceeded on Monday June 1 to the merger of its two Moroccan insurance companies, Atlanta and Sanad. The merger will be effective at the end of September 2020, subject to customary approvals.
Under the terms that define the transaction, Atlanta will absorb Sanad on the basis of an exchange rate of 11 Atlanta shares for 1 Sanad share. Sanad is 99.96% owned by Atlanta.
The Holmarcom Group indicates that the operation is a continuation of its strategic reorganization and the development of its Finance Pole supported by Holmarcom Finance Company.
“Our two companies are similar in size, have performed very well and have, for years, displayed indicators above the market average. By merging them, we will further consolidate our achievements to create a single stronger, more modern and more accessible company ”, declared the CEO of the Holmarcom group, Mohamed Hassan Bensalah.
Affirming its ambitions, the group indicates that “the new group, resulting from the merger, aims to position itself as the benchmark Moroccan insurer, with a consolidated turnover of nearly 5 billion dirhams (511 million dollars) , carried out in 2019, more than 650 employees and an exclusive network of nearly 400 points of sale ”.
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