Shearman & Sterling represented the International Finance Corporation in connection with an agreement to acquire a minority stake in Holmarcom Insurance Activities. International Finance Corporation and Holmarcom Group’s partnership aims to boost access to insurance products in Morocco and select countries in sub-Saharan Africa. International Finance Corporation’s investment of up to 450 million MAD (equivalent to approximately $50 million) will support the expansion of Holmarcom Group’s insurance activities in a region where insurance penetration is among the lowest in the world. The partnership will broaden access to both non-life and life insurance products, helping protect against economic, environmental, and social shocks.
International Finance Corporation—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. Working in more than 100 countries, they use their capital expertise and influence to create markets and opportunities in developing countries.
The Shearman & Sterling team below included Lauren Richardson.