Kenya: Pan Africa buys 51% stake in Gateway Insurance
Source: Middle East Insurance Review | May 2015
Pan Africa Insurance Holdings has finalised its 51% acquisition of Gateway Insurance Company. At KES17.56 (US$0.19) per share, Pan Africa will pay shareholders of Gateway for around KES561 million for 31,948,950 ordinary shares.
The acquisition comes shortly after Mr Mugo Kibati was named new Group CEO and Mr Stephen Kamanda, new CEO for the life business at Pan Africa.
Pan Africa, controlled by South African insurer Sanlam, said pre-tax profit fell to KES1.15 billion in 2014 from KES1.52 billion in 2013. Gross premiums decreased marginally to KES5.2 billion from KES5.3 billion, while investment income rose to KES1.99 billion from KES1.53 billion.
KES1 = US$0.01