French Insurance Broker SPB Exits Morocco After 11 Years of Operations

In Morocco, the French broker SPB has decided to close its doors, after having processed part of its back-office operations in the kingdom for 11 years. It did not communicate on the reasons for this departure. Is it related to the adverse effects of the Covid-19 pandemic? "In the aftermath of the health crisis that had plunged its operating result to -8 million euros (nearly -90 million dirhams), this specialist in affinity insurance had carried out a digital shift as part of a business plan called Altitude 2023 and synonymous with an optimization of administrative staff," recalls Challenge.

Founded in 1965 in France by Dominique Guian, the SPB group designs and manages insurance and assistance offers for everyday products and services (banking, telecommunications, automotive, distribution, energy, medical, mobility, travel). It also offers services such as repair, refurbishment and recycling of electronic products such as smartphones, televisions, washing machines. This group, which is present in 17 countries including France, Italy, Spain, Poland, England and Ireland, is made up of several brokerage companies: SPB, Insurance2go, AVI International, C2A Garantie. Its net turnover amounts to around 170 million euros (just under two billion dirhams), making it one of the European leaders in affinity insurance.