Global Alliance Seguros S.A. (Feb 2023)
The company was founded in 1993, trading as General Insurance Company of Mozambique (“CGSM”). In 2001, Robert Lewis bought 100% of the shareholding through Global Alliance Holdings, a group that was based in Isle of Man. The entity was subsequently renamed to Global Alliance CGSM, SARL in 2005, and to Global Alliance Seguros S.A in 2008. Barclays Africa Group Limited (now Absa Group Limited also referred herein as “the Group”) bought the business in 2011 through Absa Financial Services Africa Holdings (“the parent”). Absa Financial Services Africa Holdings maintained a 98% stake in GA Seguros, with the balance equally split between Absa Insurance Company Limited and Absa Life Limited. The shareholding structure of the insurer remained unchanged as at 31 December 2021, with the parent company ensuring that the entity is compliant with the regulatory minimum capital requirement of MZN295m.