(Ecofin Agency) – After Mauritius and South Africa, Kenya is the next African destination for the Linkham insurance group. This one redeemed Resolution Insurance, and intends to develop its presence in this country.
British insurance and advisory group Linkham Group has bought out Kenya’s medical insurance company Resolution Insurance for an undisclosed amount. The acquisition will allow the operating group since 2007 to enter its third market in Africa, after South Africa and Mauritius.
According to Mike Cranfield, Managing Director of Linkham Group, the company is excited to enter one of Africa’s most developed insurance markets. “Resolution Insurance is an attractive investment because of its unique understanding of the local market as a uniquely Kenyan business founded by a visionary entrepreneur. We want to complement his passion by pursuing a strategy of targeted and sustainable growth thanks to our localized, innovative and consumer-centric solutions ”, did he declare.
Linkham Group bought Resolution Insurance from LeapFrog Investments, a private equity firm that targets strategic acquisitions in Africa and Asia.
The investor domiciled in South Africa spent seven years in the shareholding of the Kenyan insurer. In 2014, he had committed $ 19 million to acquire a majority stake in Resolution Insurance.
Through this sale, LeapFrog signs its third withdrawal from the insurance sector, in East Africa, since 2014.
Once this transaction is finalized, Resolution Insurance will have access to Linkham Group’s financial and insurance networks in Africa and around the world. The insurer will be able to leverage Linkham’s resources, capabilities and expertise in providing insurance solutions to the financial services industry, airlines, and brokers to accelerate its growth.
Chamberline Moko
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