The Competition Regulatory Authority (ARC) announced on Monday that Hollard Moçambique has acquired 100 per cent of the share capital of Global Alliance Seguros, one of the country’s main insurers.
In a notice quoted by Lusa, the ARC said that it had received a notification, with effect from 8 July, ‘of an operation and concentration of companies’ and that it was awaiting ‘any observations on the concentration in question’ for 15 days.
‘The operation consists of the acquisition by Hollard Moçambique, Companhia de Seguros, S.A. of 100% of the share capital of the insurance company Global Alliance Seguros, S.A., formalised through a sale and purchase agreement signed on 28 June this year,’ the notification reads.
Hollard Moçambique, which led the insurance market in 2023 with a 16.5% share, offers general insurance, such as fire, motor, aviation, personal accidents, employers’ liability, accidents at work, guarantees and other types, as well as life insurance and pension fund management.
On the other hand, Global Alliance, a public limited company under Mozambican law, operates in life and non-life insurance, which includes life, personal accident, occupational accident, fire, motor, marine, aviation, transport and general liability insurance.
State-owned insurer Empresa Moçambicana de Seguros (Emose) used to lead the national market, but in 2023, according to its annual report and accounts, it lost market share to Hollard, which rose to the top, and to Portuguese insurer Fidelidade.
Mozambique’s insurance market currently has 19 authorised companies and had been led for over 40 years by Emose, which was created two years after national independence through the nationalisation and merger of the Lusitânia, Tranquilidade de Moçambique and Nauticus insurance companies.
