Swiss insurance firm buys minority stake in African Trade Insurance for US$10m

KENYA – Swiss insurance firm Chubb has bought a 3.5 percent stake in Nairobi-based underwriter African Trade Insurance Agency (ATI) for US$10 million (KSh1 billion). Chubb is the first global property and casualty insurance company to become a shareholder in ATI which issues covers against credit and political risks in Africa. It joins ATI’s list of shareholders including governments, multilateral organisations and companies like Kenya Re which acquired a 0.37 percent stake for US$1 million (KSh100 million). The transaction gives ATI new capital injection and offers Chubb an opportunity to…

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