Acquisition is part of broader objective of the North African firm to spread its footprint

From left: Gianluca Marcopoli, Saham group director general, Samuel Ndegwa, chairman, Mercantile Insurance and Supriyo Sen, Mercantile Insurance MD display the new firm’s logo.

By WINSLEY MASESE

NAIROBI, KENYA: Mercantile Insurance Company has rebranded to Saham Assurance, following acquisition of a controlling stake by a Moroccan-based investment company, Saham Group.

The change of name and corporate identity, the two companies said, will give them a platform to increase their footprint on the continent and grow their profits, building on their individual strengths and rich heritage.

Saham Group Director General Giancula Marcopoli noted that the acquisition of the insurance company is part of their growth strategy.

 LATEST STRATEGY

“This is part of our broader objective of increasing our footprint on the continent and consolidate our market share in the insurance industry,” said Marcopoli. Saham Group completed the buyout in early 2013, in an engagement that started late 2012.  Insurance business constitutes about 80 per cent of the firm’s portfolio in Morocco and it will use this advantage to enter into other sectors, such as health and business process outsourcing. The company has a presence in North, West and Central African countries and the latest strategy is to make an entry into the East African region.

Speaking in Nairobi Wednesday when they unveiled the new logo, Marcopoli said: “We will also enter markets where we have no presence on the continent and where we have enough knowledge.”

Mercantile Insurance Managing Director Supriyo Sen said that the merger elevates the firm closer to its Pan Africanism dream, as championed by Saham, which operates in more than 20 countries and has more than 40 subsidiaries. “We will ride on Saham’s strength to make inroads into other African markets and gain from the growth prospects,” said Sen.