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Writes Charles Mangwiro
Maputo (Mozambique) – The Hollard Moçambique Seguros, a subsidiary of Hollard Insurance Company Ltd of South Africa has completed the acquisition of 100 percent of the shares of Global Alliance Seguros to expand its market share in the southern African nation.
The Hollard Mozambique group has a 21% share in the national insurance market and this year it intends to achieve more. With the completion of the acquisition of 100 percent of the shares of Global Alliance Seguros, the firm reinforces its capacity and now has the chance to extend its operations to 35 percent.
Hollard Moçambique Companhia de Seguros, a Mozambican short-term insurance company, has a vision with four stages with emphasis on market expansion, product development, and operational efficiency.
Its Chief Executive Officer, Henri Mittermayer, said his company wants to ensure more personalized insurance options, quick and efficient intervention in claims, greater financial security and risk management, and a better digital experience for easier and more convenient understanding.
“This is not just a merger, this acquisition is total. Starting today, Global Alliance will be fully incorporated into Hollard, for a period of eighteen months, as there are regulatory approvals that need to be made. This change brings opportunities to expand our presence in the national market, create new solutions for our customers, and make our operations more efficient”, Mittermayer said.
The merger of the two companies means restructuring and the consequent extinction of Global Alliance Seguros,
“Now that we have arrived, we want to ensure more personalized insurance options, quick and efficient intervention in claims, greater financial security and risk management, a better digital experience for easier and more convenient understanding, but, above all, at the heart of this acquisition, is our commitment”, Mittermayer said at a news conference late on Tuesday in Maputo.
For more than 40 years after the country’s independence in 1975 Mozambique’s insurance had a monopoly on the state-owned insurer Empresa Moçambicana de Seguros, until the government initiated a process of political and economic reforms.
This led to restructuring and market liberalizing of the insurance sector and creating space for the re-emergence of private-sector insurance companies and the unbanning of insurance brokerage services.
Founded in 2001, Hollard Mozambique operates in other areas in addition to health insurance and in agriculture where it currently has 30,000 insured farmers.
