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Rwanda : SAHAM acquires controlling stake in CORAR-AG.

Moroccan investment company, Saham Group's arm, Saham Finances SA, has bought a 66 percent controlling stake in one of Rwanda's major insurer, Corar-AG.

With total premiums of 7.064 billion Rwandan francs ($10million), CORAR-AG Ltd is the third leading insurance firm in Rwanda.

75% of the company's insurance product is non-life while the balance 25 percent are in life.

As it continues on a hostile push to become one of Africa's major insurance corporate, Saham says the acquisition will strengthen it growth in Central Africa.

It added that its investment will stand the test of time, given CORAR-AG's strong reputation in the market and positive profitability ratio.

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Publication:Mena Report
Geographic Code:6RWAN
Date:Jun 17, 2014
Words:119
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