Wafa Assurance, a subsidiary of Morocco’s leading financial institution Attijariwafa Bank, has announced its agreement to acquire a majority stake in Egypt’s Delta Insurance from Egypt Kuwait Holding Company. The deal, valued at 925 million dirhams ($100 million), involves Wafa Assurance offering 40 Egyptian pounds per share. Egypt Kuwait Holding Company, which currently owns 63.39% of Delta Insurance, has agreed to sell its entire stake under the terms of the offer.
The acquisition is subject to approval from Egypt’s Financial Regulatory Authority. Wafa Assurance, which already operates in Egypt’s life insurance market through its subsidiary Wafa Life Insurance Egypt, views this move as a strategic expansion into a rapidly growing market with significant potential.
This development marks Wafa Assurance’s continued efforts to broaden its presence in the Egyptian insurance sector. The acquisition would not only enhance Wafa Assurance’s market position but also leverage the growth opportunities in Egypt’s insurance industry.
