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Report: Sale of Moroccan insurance broker fails

The proposed sale of a controlling stake in Moroccan insurance broker Agma Lahlou-Tazi SA failed after offers were deemed inadequate, Asia Insurance Review reported, citing Moroccan publication Médias24.

Attijari Finances Corp. had been working for more than a year to sell the 50.03% stake held by investment company Al Mada, but the lack of suitable bids thwarted any deal. Al Mada is the new name of Société Nationale d'Investissement, Morocco's largest investment holding company and a vehicle of the Moroccan royal family.

Prospective buyers were reportedly wary of the significant contributions of various Al Mada subsidiaries to the brokerage's annual turnover. Sources said some prospective buyers sought a guarantee for the portfolio, absent which they took the exposure risk into account in pricing their offer.

Agma Lahlou Tazi is Morocco's second-largest insurance broker, the report noted. Attijari Finances is controlled by Attijariwafa Bank SA, itself owned by Al Mada.