The Bahrain-based Arab Insurance Group (Arig) on Sunday announced that it had received approval of the Moroccan Government for sale of its 67% interest in CNIA Assurance, Morocco. Arig had reported earlier in February this year that it had reached agreement with the Saham Group in Morocco for sale of interests, subject to Moroccan regulatory approvals.
With this sale, Arig will realize a net profit of US$ 24.2 million, which will be included in Arig’s financial statements for the second quarter of 2005.
Mr Udo Krueger, Arig’s Chief Executive Officer, commented that “with the regulatory approvals now being obtained, we are happy to conclude the transaction. We have already been working very closely with the Saham Group, whose President, Mr Moulay Hafid Elalamy, had been appointed as Chairman of CNIA during the interim period since reaching agreement with them. We expect to build on the strong relationship established with Saham Group in continuing to offer CNIA reinsurance and other services.
