Wafa Assurance moves to acquire majority stake in Egypt’s Delta Insurance

Morocco’s Wafa Assurance announced Monday its intention to acquire a majority stake in Egypt’s Delta Insurance, as part of its strategy to strengthen its presence in the Egyptian market. The Casablanca-listed insurer, a subsidiary of Attijariwafa Bank, has offered 40 Egyptian pounds per share, valuing Delta at 925 million dirhams (around $100 million), according to a company statement quoted by Reuters.

The main shareholder, Egypt Kuwait Holding Company, which owns 63.39% of Delta, has agreed to sell its entire stake. The deal is subject to approval by Egypt’s Financial Regulatory Authority.

It is worth noting that Wafa Assurance already operates in Egypt’s life insurance sector through Wafa Life Insurance Egypt. It said the acquisition would allow it to scale up in a market with strong growth potential.