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Morocco's Saham Group acquires insurer GA Angola Seguros

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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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