Afma Sa (Morocco)

Afma Sa is a Moroccan insurance broker, set up in 1953. It was listed on Casablanca Stock Exchange in December 2015 after an IPO, which raised USD 18 million. Prior to the IPO, AFMA was a full subsidiary of local holding company Tenor Group, which acquired the company in 2005. With the IPO, Tenor Group aimed at collecting funds to reinvest in the development of other activities and business segments, as well as reinforcing Afma’s reputation among the institutional investors. Afma brokerage services are both in the field of life and non-life insurance. The company offers advisory services in risk management, acts as a mediator on behalf of clients when negotiating the guarantees with the insurance companies and counsels customers in the management of their insurance policies and claims. Its customer base encompasses small and medium enterprises (SMEs), individuals, companies, government structures, and some international entities. Afma operates through its local offices in Tangier, Marrakech, Agadir, Oujda, Fes, Rabat and Casablanca.