Global law firm Norton Rose Fulbright has advised Allianz SE on its acquisition of Zurich Insurance Company Ltd’s Moroccan subsidiary. The purchase price was approximately €244m. The transaction is expected to be complete by the end of 2016, following regulatory approvals.

As one of the largest markets for insurance in Africa, this acquisition sees Allianz strengthening its presence on a continent, where it is already established in 15 countries, with continuing growth opportunities. Zurich Insurance in Morocco specializes in life and building insurances and has approximately 600,000 policyholders.

The Norton Rose Fulbright team that advised Allianz was led by Bénédicte Denis, corporate partner and financial institutions specialist in Paris, and Alain Malek, corporate partner in Paris and head of the Casablanca office. They were assisted by Anne-Laure Bernard-Bouissières, of counsel, Stan Andreassen and Charlotte Grolimund on the corporate aspects of the transaction, by Orsolya Hegedus, of counsel and Souâde Messaoudi on the regulatory aspects. Partner Marta Giner Asins and Niloufar Keshavarz were in charge of the competition issues of the transaction. Partner Marc d’Hautfoeuille and Nadège Martin, of counsel, advised on the IT aspects

Other counsel: KPMG advised Allianz on the financial aspects of the transaction and Milliman on the actuarial aspects