The effective merger was recorded on September 25, 2020, during the Atlanta and Sanad EGMs. AtlantaSanad Assurance is now the second Non-Life Insurer on the Moroccan market.
As part of their merger project, announced on June 1, the Atlanta and Sanad insurance companies are now a single company: AtlantaSanad Assurance. With more than 170 years of cumulative expertise, a consolidated business turnover (2019) of nearly 5 billion dirhams, more than 650 employees and an exclusive network of nearly 400 points of sale, the new company AtlantaSanad Assurance occupies the 2nd rank in the Moroccan Non-Life Insurance market.
“The birth of AtlantaSanad Assurance following the merger of our two historic companies marks the start of a new era for our Group”, announced at the outset Mohamed Hassan Bensalah, President of the Holmarcom Group, during the press videoconference organized on the occasion, in the afternoon of Friday, September 25. “ If we made the strategic choice to merge two companies strong in their history, their growth indicators, their network and their talents, it is to go even further, meet new challenges and make it a bigger company. , more modern and more accessible ”, he continued.
With the ambition to position itself as the benchmark Moroccan insurer, AtlantaSanad Assurance’s primary objective is to achieve excellence, by offering innovative products and ensuring a superior quality of service both for its customers and for its network of agents and brokerage partners.
The merger was completed after obtaining the usual regulatory approvals, in particular those of ACAPS and AMMC. Shareholder approval followed at the Extraordinary General Meeting on September 25. Said merger was carried out by way of absorption of Sanad by Atlanta, Sanad being a 99.96% subsidiary of Atlanta. The merger was carried out on the basis of an exchange ratio of 11 Atlanta shares for 1 Sanad share and was carried out through a capital increase of Atlanta Assurances. This merger project is a continuation of the strategic reorganization initiated by the Holmarcom Group in July 2019, as part of the development of its Finance Division led by the Holmarcom Finance Company holding.