The Allianz Group is now officially open for business in Morocco.

Its division in the North African Country, Allianz Maroc, formally debuted on Feb. 22. Based in Casablanca, it was previously known as Zurich Assurance Maroc until Allianz bought 98.9 percent of the division in early November for $275 million. With regulatory approvals in place, the new name kicked in, initially with a soft launch on Jan. 30.

Why Morocco? Allianz explains that it sees the country as an economic hub for the continent, and key to its growth strategy in Africa.

Allianz Maroc is focused on doubling its market share by 2021 with an eye on becoming a leader in the Moroccan insurance market. Plans call for the division to focus its offerings on multiple customer segments, buttressed by “superior services” and tailored products. As well, Allianz Maroc will use digital channels to quickly handle claims and communicate with customers in real time.

Additionally, Allianz Maroc will team with other Allianz divisions in order to help business customers who want to expand or export to other African markets.

“Our investment in Morocco shows that we believe in the growth potential of the Moroccan insurance market,” Hicham Raissi, head of Allianz SE’s business divisions for Africa, MENA and India, said in prepared remarks.

Source: Allianz SE