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South African insurer Sanlam Ltd. has said that it will purchase almost a third of Moroccan insurer Saham Finances S.A. for $375 million, reports Reuters.
The acquisition is part of Sanlam's strategy to seek new streams of income to offset slowing growth at South African market. “The transaction provides the Sanlam Group with the opportunity of a single entry point to expand in both North and West Africa,” said Sanlam. Saham Finances sells insurance across 26 countries in north, east and west Africa