Morocco's Saham Group acquires insurer GA Angola Seguros

Morocco's investment company Saham Group has acquired Angolan insurer GA Angola Seguros S.A. for an undisclosed sum, GA chief executive officer Fernando Dolbeth Assuncao said.

A report by Trevor Barsdorf, an analyst at Global Credit Rating Co., said the Angolan insurance industry's aggregate annual gross written premiums are about $1 billion a year, Bloomberg reported. GA's revenue accounted for about 16% of Angola's market in 2012, chief underwriter Shawn Kriedemann said.

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