Morocco’s Wafa Launches $317M Bid for Egypt’s Delta Insurance

Key Takeaways

The proposed acquisition of Delta Insurance marks a strategic move by Wafa Assurance to deepen its footprint in a market with low insurance coverage and high growth potential. Egypt’s insurance penetration remains below regional and global averages, offering room for expansion across both life and non-life segments. Wafa’s push builds on its earlier entry into Egypt via Wafa Life Insurance Egypt, but this deal gives it direct exposure to Delta’s established general insurance and reinsurance operations. By securing a majority stake, Wafa positions itself to scale faster in a competitive but underdeveloped market. The commitment from EKH to exit fully gives Wafa a clear path to controlling the firm. Regulatory approval will now be key. If completed, the deal would mark one of the largest insurance transactions in North Africa in recent years. The move aligns with a broader trend of cross-border M&A in Africa’s insurance sector, as firms from more mature markets—like Morocco and South Africa—seek to enter fast-growing, underserved economies. With this acquisition, Wafa could emerge as a leading multi-line insurer in Egypt, and potentially across the region.