17 October 2008
Tunis — The French insurance company "Groupama" has just completed the acquisition of 35% of the Tunisian insurer "Star" following a transaction of 72 million Euros (about 140 million Tunisian dinars).
The news was announced during a press point in Tunis by Jean Azema and Jean Francois Lemoux, respectively the managing director and the international managing director of "Groupama".
"We plan to make this partnership a robust and profitable link in our international network" said Jean Francois Lemoux, adding that "this strategic venture will enable us to participate actively in the growth of a high potential market by giving Star the benefit of our expertise which has already been successfully deployed in 12 countries, mainly in Europe."
Concerning the choice of Tunisia, Mr Lemoux said that "Tunisia distinguishes itself by its strategic location in the Euro- Med area and by the strong growth of its economy."
"Star" is Tunisia's major insurance company in the property and casualty segment with estimated revenues of 121 million Euros. It employs 660 employees and has a nationwide network of 11 branches. Since 1995 it has witnessed a growth of about 10%a year.
"Groupama" which has a 100 year old experience is one Frances's major insurance groups, with revenues of 14,9 billion Euros, a net profit of 938 million Euros a year and some 37,500 employees throughout the world.
Be the first to Write a Comment!
Copyright © 2008 Tunisia Online. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
