Morocco based insurance group, Saham Finances, has acquired a controlling stake in Mercantile Insurance Company through its subsidiary Colina Holdings.

Colina which operates 15 companies in 13 African countries and is fully owned by Saham Finances bought the Mercantile insurance firm shares from the Pandit family, who until now have been the majority owners.

According to the Group Managing Director Raymond Farhat, Mercantile will retain its current structure and benefit from its new owners expertise to improve its product range and pricing to grow its business.

Mercantile Insurance was founded in 1993 by the late Lalit Pandit and was at one time part of the East African Building Society Group of companies.