# Saham Assurance

Saham Assurance is an Insurance based in Casablanca, Morocco.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Casablanca, Morocco
- **Region:** Africa
- **Address:** Casablanca, Morocco
- **Founded:** 1980
- **Assets under management:** Undisclosed
- **Website:** sahamassurance.ma
- **LinkedIn:** https://www.linkedin.com/company/sanlammaroc

## Regulatory record

- **Reports private funds:** No

## About

Saham Assurance was established in 1980 by Moroccan businessman Moulay Hafid Elalamy, who later served as Morocco's Minister of Industry, Trade, Investment and Digital Economy. The insurance carrier grew from a local Moroccan operation into a regional West African platform, offering health, personal accident, and medical cover products. The Elalamy family remains deeply involved — Moulay Mhamed Elalamy now runs Saham Group as CEO — while long-time business partner Said Alj chairs Sanlam Maroc, cementing the strategic alliance with South Africa's Sanlam group. The firm deploys capital across insurance operations spanning North and West Africa, with a focus on health, personal accident, and medical cover lines that anchor its retail and corporate client base. Unlike a traditional family office that allocates to external funds, Saham Assurance retains its capital within the insurance enterprise, using the balance sheet to underwrite risk across its regional affiliate network. The group's representative office in Paris reflects a cross-continental posture, though its core book remains concentrated in Africa. The partnership with Sanlam, which acquired a stake in Saham Finances, creates a multi-national insurance architecture that blends the Elalamy family's regional distribution with Sanlam's institutional underwriting capabilities. The broader Saham Group ecosystem extends into adjacent businesses and assets, including the Saham Foundation for philanthropic activities and a collection of real estate holdings — among them Vert Marine, Hamilton, and Le 25 residential properties in Casablanca, the Casablanca Finance City Building, and an apartment in Paris's 6th arrondissement. The group also holds a Dassault Falcon 7X aircraft and the Ghandi Clinic in Casablanca. Moulay Hafid Elalamy's tenure as President of Morocco's main employers' association, CGEM, and his previous ministerial role embed the firm in the country's political-economic architecture. Saham Assurance's structural differentiator lies in its hybrid model — an insurance group functioning as the core asset of a family enterprise, rather than a pure-play family office allocating to external managers.

## Sectors

- Insurance
- Financial Services

## Offices

- Paris, France

## People

- Moulay Hafid Elalamy — Founder
- Moulay Mhamed Elalamy — CEO of Saham Group
- Said Alj — Chairman of Sanlam Maroc

## Questions

### Who runs investment decisions at Saham Assurance?

Saham Assurance is an operating insurance company, not a family office with an investment committee allocating to external managers. Capital deployment is tied to the insurance underwriting business, which falls under the operational leadership of the Saham Group. The broader group's strategic direction is guided by CEO Moulay Mhamed Elalamy and Chairman of Sanlam Maroc Said Alj, with the Elalamy family maintaining controlling influence.

### How is Saham Assurance related to Sanlam?

Sanlam, the South African financial services group, acquired a stake in Saham Finances — the holding entity — and remains a strategic partner through the Sanlam Maroc structure. Said Alj, a long-time business partner of the Elalamy family, chairs Sanlam Maroc, making the relationship both financial and governance-linked. This creates a multi-national insurance architecture blending the Elalamy family's African distribution network with Sanlam's institutional underwriting and capital backing.

## Related profiles

- [Saha Asset Advisors](https://altss.com/profile/saha-asset-advisors)
- [Sahara India Life Insurance](https://altss.com/profile/sahara-india-life-insurance)

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Last updated: 2026-08-11T02:43:31.692Z

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