Allianz pays EUR244mn for Zurich Moroccan unit

Allianz has entered into a binding agreement to acquire
Zurich's Moroccan subsidiary Zurich Assurances Maroc for
EUR244mn ($274mn), it announced today (17 June).
The Moroccan business, which generated EUR114mn in gross written
premium in 2015, was placed under auction earlier this year.
Zurich Assurances Maroc also has a licence for life and health
insurance products that Allianz plans to utilise, the firm said in
a statement.
"This deal is a major milestone for our strategy to expand
in Africa.