Hollard Seguros Moçambique, a subsidiary of Hollard International, has just closed the purchase of the business of the insurer International Commercial and Engineering (ICE) and becomes the country's largest Non-Life insurer in terms of premium income, with an annual turnover of more than 98 million dollars, (6.2 billion meticais).

"Today represents a historic occasion for Mozambique's insurance industry and we are grateful to the regulatory authorities and all parties that have made this transaction a reality. We are especially grateful to the ICE team, which has been incredibly cooperative," said Henri Mittermayer, CEO of Hollard in a statement.

Through the same statement, Mittermayer said Hollard Mozambique Insurance "begins a new chapter today in serving this important market. We believe this transaction puts Mozambique firmly on the international insurance map and we will actively seek to grow the corporate and multinational business in the country."

"We are excited at the prospect of working alongside ICE CEO Robert Lewis and industry veteran Kay Wilkinson, among others, as we look to consolidate and extend the international customer relationships that ICE has so successfully established," he noted via the same statement.

With "our group's turnover in both Life and Non-Life now approaching 6.5 billion meticals, we affirm that we are building a strong business and look forward to contributing to the vibrant Mozambican insurance market in our new capacity.

Established in 1980, the Hollard Insurance Group offers life and short-term insurance and investment products to various types of customers, including individual consumers, commercial entities and corporate clients. It is part of a group of companies that advocate a sustainable and inclusive growth model, balancing their social contribution and compensation to their shareholders.