Moroccan Insurer Wafa Assurance Makes $100 Million Bid for Egypt’s Delta Insurance
Wafa Assurance, one of Morocco’s leading insurance companies, has launched a public takeover bid worth $100 million to acquire a controlling stake in Delta Insurance S.A.E., a prominent Egyptian insurer. The bid, filed with Egypt’s Financial Regulatory Authority on June 10, targets an acquisition threshold of at least 51%. The offer values Delta Insurance at approximately $100 million, with a proposed price of 40 Egyptian pounds per share.
Delta Insurance is a well-established player in Egypt’s insurance sector, operating in both life and non-life segments. Its shares are listed on the Egyptian stock exchange, and it distributes its products through a wide network of channels. Wafa Assurance, which already operates in Egypt through its life insurance subsidiary Wafa Life Insurance Egypt, sees this acquisition as a way to consolidate its presence in the growing Egyptian market.
The offer is supported by an agreement with Egypt Kuwait Holding Company, which owns 63.39% of Delta Insurance. The holding company has committed to tendering its entire stake, significantly increasing the likelihood of Wafa Assurance securing majority control. The transaction is still subject to approval by regulatory authorities in both Egypt and Morocco. If successful, it would mark one of the most significant cross-border insurance acquisitions in the region this year.
