Three re/insurance companies from Morocco, France and Bermuda have joined forces to establish a reinsurance company to cover agricultural risks in Morocco and Africa.
The Moroccan Agricultural Mutual Insurance (Mamda) is aligning itself with the French company La Centrale de Reassurance Mutual (MCR) and Bermuda-based Partner Re to launch the venture, reported the Moroccan daily, l’Economiste.
Named Mamda Re, the new company has already got the green light from the Moroccan regulators. It will have a capital of MAD1 billion (US$120.6 million), half of which will be provided by Mamda. MCR will hold a 20% stake while Partner Re will have the remaining 30% stake.
Mamda Re plans to attain Casablanca Finance City (CFC) status.
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