Stocks Market
Wafa Assurance Finalizes Majority Stake in Delta Insurance, Expanding Its Reach into Egypt
Wafa Assurance, a Moroccan insurer listed on Casablanca’s stock exchange and part of Attijariwafa Bank, has closed a $67 million deal to acquire 63.4 % of Egypt’s Delta Insurance. The acquisition follows a public tender priced at 40 Egyptian pounds per share. With the takeover, Wafa plans to delist Delta from the Egyptian market and merge its life‑insurance arm with the local unit Wafa Life Insurance Egypt. The move positions the group to broaden its footprint into property‑and‑casualty and health‑insurance sectors—high‑growth areas in a country of 120 million people where coverage penetration remains below 1 %. Egypt Kuwait Holding’s divestiture signals a shift toward its core energy and industrial services. The transaction underscores Morocco’s expanding cross‑border investment capacity and highlights the challenges of integrating Delta and modernising Egypt’s insurance market, especially digitally and by expanding coverage.
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Wafa Assurance, the Moroccan insurer listed on Casablanca’s stock exchange and a subsidiary of Attijariwafa Bank, has closed a $67 million deal to acquire 63.4 % of Egypt’s Delta Insurance. The acquisition follows a public tender priced at 40 Egyptian pounds per share.
With the takeover, Wafa plans to delist Delta from the Egyptian market and merge its life‑insurance arm with the local unit Wafa Life Insurance Egypt, established in 2021. The move positions the group to broaden its footprint into property‑and‑casualty and health‑insurance sectors—high‑growth areas in a country of 120 million people where coverage penetration remains below 1 %.
Egypt Kuwait Holding, the seller, said the divestiture fits its strategy to refocus on core energy and industrial‑services businesses.
The transaction underscores Morocco’s growing ability to execute major cross‑border investments. The next hurdle will be integrating Delta and modernising Egypt’s insurance market, especially on the digital front and expanding coverage to more of the population.