Hollard Moçambique, the country’s leading insurer in terms of market share, has bought 100 per cent of the share capital of Global Alliance Seguros, another of the country’s leading insurers, according to a notice published today by the Competition Regulatory Authority (ARC).
In the notice, the ARC states that it received a notification, with effect from 8 July, ‘of a concentration of companies’ and that it is 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. (Hollard Moçambique) of 100% of the share capital of the insurer Global Alliance Seguros, S.A. (Global Alliance), formalised through a sale and purchase agreement signed on 28 June this year,’ the notice reads.
The regulator recalls that Hollard Moçambique, which according to the latest official figures rose to the top of the insurance market in 2023, with a 16.5% share, operates in general insurance, including fire, motor, aviation, personal accidents, employers’ liability, accidents at work, guarantees and various types of insurance, as well as life insurance and pension fund management.
Global Alliance, a public limited company under Mozambican law, is engaged in life and non-life insurance, namely life insurance, personal accident insurance, occupational accident insurance, personal accident and illness insurance, fire and nature insurance, motor insurance, marine insurance, aviation insurance, transport insurance and general civil 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 (14.4 per cent) to Hollard, which rose to the top spot, and to Portugal’s Fidelidade (14.8 per cent).
Mozambique’s insurance market has 19 authorised companies and had been led for over 40 years by Emose, created two years after national independence through the nationalisation and merger of the Lusitânia, Tranquilidade de Moçambique and Nauticus insurance companies.
Lusa
