Africa: Liberty Holdings makes acquisitions in Botswana and Malawi
Source: Middle East Insurance Review | Dec 2016
South Africa’s Liberty Holdings has concluded two more short-term insurance transactions in Botswana and Malawi, marking continued progress on its African expansion strategy through acquisitions and partnerships to increase its footprint and diversify revenue streams.
The latest acquisitions include a majority stake in Malawian based private short-term insurer Charter Insurance Company and the full acquisition of Botswana’s Prefsure Limited. Earlier in the year Liberty entered the general insurance market in Uganda by acquiring a 51% stake in East African Underwriters Uganda.
Both acquisitions have received all the necessary regulatory approvals in South Africa, Botswana and Malawi.
“Liberty aims to become one of the leading insurers in the growing East, Central and Southern African regions by introducing holistic insurance and investment value propositions that guide customers towards financial freedom,” said Liberty Holdings Chief Executibe Thabo Dloti. “These transactions compliment the group’s existing short-term insurance businesses in Kenya, Tanzania and Uganda. The transactions also add to the group’s broader Insurance and Investment businesses in these regions; further enhancing our customer value propositions and our ability to service our bancassurance partnership with the Standard Bank Group across the continent.”
Liberty’s ambition is to provide a full insurance offering in selected countries in support of the growth strategy and vision to become a leading insurance provider in chosen customer segments.