The French “SPVIE” intends to acquire 25% of “United Insurance Brokerage”
The French insurance brokerage company, SPVIE Assurances, intends to acquire between 20 and 25% of the United Group for Insurance Brokerage Company.
Imad Shaheen, Chairman of the Board of Directors of the group, said that the deal will be completed within 3 months.
The two companies announced the signing of a technological and strategic partnership, and Shaheen said that under the partnership, the French company will bring its experience in the health markets, in addition to the means necessary to raise the level of distribution channels and diversify the range of insurance products, so that the Egyptian company will be more able to serve large and pioneering companies in various fields.
Shaheen added in a statement to the company that the partnership aims to focus primarily on transferring expertise and technology before the French company pumps its investments into the capital of "United".
He explained that the French company intends to obtain a larger share in the capital of the United Group for Insurance Brokerage throughout the period of developing the partnership, in addition to transferring expertise regarding technologies, sales and human resources.
The two companies plan to strengthen their relationship through the acquisition of a larger share by the French company in the coming years, so that this partnership becomes the French-Egyptian entity in the field of insurance brokerage in Egypt.
He pointed out that the French company seeks to expand the scope of its services through the partnership to include more than 160 French companies operating in Egypt, in addition to its commitment to transfer its expertise and experience, to achieve a positive impact in the Egyptian market and to develop the industry.
In the same vein; Shaheen expects that the partnership will contribute to maintaining the company’s growth, developing its services, and diversifying its product range, especially in the fields of health and disability.”
He continued, “The French company will benefit from this partnership by developing its activities abroad, especially in Egypt and other African countries.”
In a related context, the head of “United” pointed out that the company achieved a growth in its business volume by 20% last year, to be one of the five largest brokerage companies in the market, explaining that the company continues its endeavor to provide exceptional services and insurance products to its customers.
The United Group started its insurance activity since 2010 with an authorized paid-up capital of EGP 2 million; As an insurance broker for a large number of individuals and companies from various fields of activity, while planning to expand rapidly during the coming period.
For his part, Jeremy Sebagh, Chairman of the Board of Directors of the French company SPVIE, said that the partnership with the United Group for Insurance Brokerage constitutes a step in the growth strategy led by the French group to take advantage of the rapid growth of the insurance market in Egypt.
The SPVIE French Brokerage Group was established in 2010 to provide insurance products and solutions in the fields of health, disability, savings, retirement, property and others.
SPVIE is present in 4 countries, including Spain, France, Morocco and Ivory Coast, and employs more than 600 employees, while achieving annual revenue growth of 85% for the past 5 years.