IFC partners with Holmarcom to expand access to insurance in Morocco, other parts of Africa
IFC and Holmarcom, a Moroccan business group, have partnered to boost access to insurance products in Morocco and select countries in sub-Saharan Africa, with IFC investing in Holmarcom Insurance Activities. The partnership aims to broaden access to a range of insurance products, supporting individuals, businesses, and economic growth and stability.
IFC's investment of up to 450 million MAD (equivalent to about $50 million), will support the expansion of Holmarcom Group's insurance activities in a region where insurance penetration is among the lowest in the world. The partnership will broaden access to both non-life and life insurance products, helping protect against economic, environmental, and social shocks.
"We are proud to join forces with a development finance institution of IFC's caliber," said Mohamed Hassan Bensalah, Chairman and CEO of Holmarcom Group. "This partnership reaffirms our group's expansion strategy. Beyond its investment, IFC brings its global expertise and its valuable experience in terms of governance, and social and environmental responsibility standards."
Following this transaction, which is subject to regulatory approvals, IFC, a member of the World Bank Group, will acquire acquiring a minority equity stake. Holmarcom Group will continue to hold a substantial majority stake in the holding company.
"IFC's partnership with Holmarcom is designed to increase financial inclusion, support growth, and enable many thousands of people in Morocco and sub-Saharan Africa improve the quality of their lives and strengthen business resilience," said Manuel Reyes-Retana, IFC Financial Institutions Group Director for Middle East and Africa.
With this new transaction, which follows the strategic restructuring of Holmarcom's Finance Division, the launch of Atlanta Côte d'Ivoire, the merger of its two historic companies (Atlanta and Sanad) and the acquisition of a majority stake in a Kenyan company, the Group has reaffirmed its ambitions in the insurance sector.