MEA: Chedid Capital acquires 80% of ASCOMA, creates broking leader in the region
Source: Middle East Insurance Review | Nov 2020
Chedid Capital Holding has acquired an 80% stake in ASCOMA’s (Ascoma Assureurs Conseils) insurance brokerage business in Africa comprising a network of 21 subsidiaries across 21 African countries, with an office for international affairs in Paris.
The deal is currently awaiting regulatory approvals, and entails the sale and transfer of ASCOMA’s African activities to Chedid Capital. The Husson family, who launched ASCOMA’s African operations in 1950, remains involved in the transition and future of the newly formed entity as a 20% shareholder. The family will also maintain its insurance brokerage activities in Monaco and France.
The transaction marks a milestone for Chedid Capital’s expansion into the African continent, and vision to lead insurance brokerage in the high-potential markets in the Middle East and Africa (MEA). For ASCOMA, the acquisition translates into a stronger African network and offering, capitalising on Chedid Capital’s strategic, technical, and corporate governance capabilities, as well as international footprint and expertise.
Chedid Capital is a global investment leader in the insurance and reinsurance fields, with a sizeable footprint across Europe, Africa, the Middle East, and Asia through its subsidiaries Chedid Re, Chedid Insurance Brokers, and City Brokers. The ASCOMA acquisition, which falls under its subsidiary and leading MEA insurance brokerage business Chedid Insurance Brokers, further reinforces its leadership in the African continent.
“We share with the Husson family a passion for brokerage and strong social values, centred on our commitment to empower youth within the industries and communities we serve. ASCOMA will keep the name it has earned throughout its history in Africa – a successful legacy that 700 employees built across the continent,” said Chedid Capital Holding founder Farid Chedid. M