MEA: Chedid in talks to acquire majority stake in African units of insurance broking group
Source: Middle East Insurance Review | Oct 2020
The Husson family, founder of the Ascoma group, and Chedid Capital Holding have entered into exclusive negotiations for the sale of Ascoma Assureurs Conseils to the Lebanon-headquartered insurance and financial services group.
Ascoma is a major brokerage player in Africa with a network of 23 subsidiaries in 21 countries in Africa as well as a unit in Paris, in charge of international affairs. The group’s activities revolve around insurance brokerage (P&C and health) and the management of health costs on behalf of companies and insurers. Ascoma currently has around 780 employees.
Following the sale, the Husson family will remain a minority partner with a 20% stake in Ascoma and will participate in the transition and development of the new group. This sale also concerns the African perimeter of the Ascoma group, with the Husson family retaining its insurance brokerage activities in Monaco and France.
Completion of the transaction is subject to obtaining regulatory approval.
This transaction boosts Chedid Capital’s efforts to be a leader in insurance brokerage, serving companies established in the Middle East and Africa.
Chedid Capital founder and chairman Farid Chedid said, “The acquisition of Ascoma is part of a global project aimed at creating a brokerage leader in Africa and the Middle East that will allow the development of a complete range of insurance solutions in these markets. Beyond development and commercial synergies, we are convinced that the sharing in terms of experience, know-how, governance and business lines between Chedid Capital and Ascoma will help to give substance to the project in the long-term interests of subsidiaries and teams.” M