Morocco’s insurance company Wafa Assurance launches in Egypt

EGYPT – Wafa Assurance, a leading insurance company in Morocco, has announced its expansion into Egypt and the appointment of Abeer Helmy Saleh as the chief executive of Wafa Life Insurance Egypt. Wafa Life Insurance Egypt currently has a valuation of US$9.5 million, but that number is expected to quickly grow. Through new business operations, the company plans to extend its reach internationally. The African insurance industry is experiencing rapid growth, and current estimates put the value at approximately US$68 billion. The North African market represents the second most valuable…

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UK’s Linkham Group completes Resolution Insurance Kenya acquisition

KENYA – A specialist global insurance services firm Linkham Group, has confirmed the completion of a deal to acquire a majority stake in Resolution Insurance Kenya. The acquisition undertaken at an undisclosed consideration will see the Linkham Group invest significant resources to revamp and fuel Resolution Insurance Kenya growth plans. This will involve focusing on quality customer service delivery, adopting cutting-edge technologies, and risk management practices. As part of the growth plans, Linkham Group has also confirmed the appointment of Peter Nduati as the new Resolution Insurance Kenya Chief Executive…

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Alexander Forbes offloads its retail life business to Sanlam for US$7.3m

SOUTH AFRICA – Financial services firm Alexander Forbes has concluded its exit from insurance business following the sale of transfer of its risk and retail life business to South African insurer Sanlam Life for US$7.3 million. The business operations formed part of AF Life, a long-term insurance company and wholly owned subsidiary of Alexander Forbes that provides group risk and retail life insurance policies with a focus on small to medium clients. The business, now discontinued, recorded gross insurance premium income of US$72.5 million for the year ended 31 March…

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Venture capital Mobility 54 invests in telematics insurance company AiCare

KENYA – Toyota Tsusho Corporation and its group company CFAO SAS is investing in AiCare Group Inc., a provider of telematics insurance system for insurance companies in Kenya. The investment will be engaged by Mobility 54 Investment SAS (“Mobility 54”), a corporate venture capital subsidiary of Toyota Tsusho group which was jointly established in October 2019, through the convertible notes investment. In Kenya, it is compulsory for every car-owner to subscribe motor insurances, and approximately 3 million vehicles are insured today, and insurance premium rates are generally determined based on…

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Allianz Life Insurance, Societe Generale Bank partner for wider insurance access range

GHANA – Financial services Allianz Life Insurance and Societe Generale Bank have entered into a partnership that will enable the public to buy insurance policies from the bank’s vast branch network nationwide. According to the Managing Director of Societe Generale Ghana, Hakim Ouzzani, the partnership with Allianz Life Insurance allows a lot more people to have access to a wide range of insurance policies. Speaking on the essence of insurance especially in the aftermath of the pandemic, Mr Ouzzani argued that buying the right insurance product was one of the…

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Investment firm Cytonn ventures into insurance business

KENYA – Investments management firm Cytonn Investments, has launched its insurance agency arm, the Cytonn Insurance Agency (CIA), aimed at disrupting the insurance industry through innovation and automation of insurance processes including the buying and claims process. According to 2019 annual report by the regulator Insurance Regulatory Authority (IRA), insurance uptake in Kenya remains low compared to other key economies, with the insurance penetration as of 2019 coming in at 2.3 per cent, down from 2.4 per cent in 2018. The slow penetration level is attributable to the fact that insurance…

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Allianz SE completes the acquisition of 66% stake in Jubilee Holdings

KENYA – German multinational financial services company Allianz SE, one of the world’s leading insurers and asset managers, has completed the acquisition of a 66% stake in Jubilee Holdings general insurance arm in Kenya making it the majority shareholder. The purchased stake represents 1,522,622 ordinary shares acquired from Jubilee Holdings Limited which now retains a 34% shareholding in the company. In a statement sent to the press, the German financial services provider expects to complete the acquisition of Jubilee General Insurance businesses in Tanzania, Uganda, Burundi, and Mauritius in due course. The…

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Insurance company Sanlam acquires an additional 22.8% interest in Morocco’s Saham Assurance

MOROCCO – Sanlam, a South African insurance giant, has added a 22.8% interest in Morocco’s Saham Assurance Maroc in a deal worth US$137.1 million (MAD1.2bn). The deal sees Sanlam subsidiary SAN JV (RF) Proprietary (SAN JV) raise its direct and indirect stake in the Moroccan property and casualty insurer. SAN JV will buy the shares from Moroccan business tycoon Said Alj and two of his associated entities – Sanam Holdings and First Commercial Estate Company. The transaction will raise SAN JV raise its holding in Saham to 84.5%. The deal,…

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Medical underwriter AAR Insurance to shut its Tanzania unit

TANZANIA – Medical underwriter AAR Insurance has commenced the process of winding-up of its Tanzania business citing financial difficulties. The move comes just after the Kenyan business recorded a 55 per cent drop in performance for the year ended December 2020, attributed to high claims due to Covid-19 pandemic. In a memo to staff, AAR Health Care Limited Acting CEO Andrew Rowell said the firm has been facing financial difficulties “for some time” now worsened by the failure of the medical insurance model in Tanzania, the Covid-19 pandemic, and a…

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Britam Holdings in top executive shakeup to deliver growth

KENYA –  Insurance group Britam Holdings has announced a new executive team that will deliver enhanced service to its customers and position the company for long-term growth.  Under the new leaner structure, the company’s executive team will comprise eleven directors after dropping nine positions.  Britam has retained six key executives with new mandates from the previous executive team and appointed one new executive member on promotion whilst announcing a new appointee who was externally sourced. Britam’s Group Managing Director, Mr Tavaziva Madzinga, said the new executive structure promotes diversity and aims…

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