majority stake in Assurex
Insurer to continue operations under own name
Saradar Capital Holding announced the acquisition of 51 percent of Assurex SAL, a local insurance and reinsurance company, owned by Fattal Group.
Fattal Group will remain a shareholder with a 49 percent stake, and Assurex will continue to operate under its own name.
The deal is a result of some 18 months of negotiations, and is estimated to be valued at $10 million.
According to Hubert Fattal, Chairman and CEO of Fattal Group, this partnership aims to deliver a common vision and expansion strategy for Assurex.
The acquisition is part of a Saradar Capital Holding strategy to improve its financial services platform under the Saradar Finance House label. The platform covers banking and microfinance, insurance, money transfer, asset and wealth management locally and abroad.
Saradar Group Chairman and CEO Mario Saradar, said that the partnership with Fattal Group provides opportunities for expansion into the insurance sector through new products and services, and an extended geographical footprint.
Assurex achieved over $40 million of total gross written premiums in 2018 with over 100,000 policies issued.
Saradar Capital Holding is made up of Saradar Finance House, its primary business unit focused on financial services; a real estate development and management arm, and a third unit that covers its logistics and distribution activities as well as other ventures across different sectors.
Reported by Gisele Khalaf
Date Posted: Feb 26, 2019