News Middle East05 Oct 2020

Africa:Chedid Capital acquires 80% of ASCOMA, creates insurance broking leader in MEA

| 05 Oct 2020

Chedid Capital Holding has acquired an 80% stake in ASCOMA's (Ascoma Assureurs Conseils) insurance brokerage business in Africa-a network of 21 subsidiaries across 21 African countries, with an office for international affairs in Paris.

The deal, signed on 25 September, is currently awaiting regulatory approvals, and entails the sale and transfer of ASCOMA’s African activities to Chedid Capital.

The Husson family, which 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.

Milestone

The transaction marks a milestone for Chedid Capital’s expansion into the African continent, and vision to lead insurance brokerage in the MEA’s (Middle East and Africa) high-potential markets. 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.

Mr Herve Husson, currently ASCOMA Group president, said, “We are happy to maintain our position as a significant shareholder of Sub-Saharan Africa’s leading independent brokerage player. ASCOMA will continue to independently serve its partner brokers and clients in Africa, leveraging our robust network of 21 subsidiaries that offer full-spectrum insurance solutions across all 54 countries of the continent. Ascoma International and Pactilis will retain their development and coordination responsibilities on international insurance programs and health management out of our Paris and Casablanca operations.

“This is quite an emotional and historic moment in our family’s journey. We salute all teams who have worked hard for the past 70 years, to build ASCOMA’s heritage as a partner for Africa. "

Leadership

Chedid Capital Holding 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.

Mr Farid Chedid, founder at Chedid Capital Holding, added, “The acquisition of ASCOMA is part of our global strategy to create an insurance brokerage leader in Africa and the Middle East, and to offer these markets a complete range of insurance solutions.

“We believe that beyond the market development and commercial synergies, the experience, know-how and governance of both Chedid Capital and ASCOMA will give shape to our ambitious Group in the interest of our clients, partners, and team.

“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.

“I am proud and happy to see our shared ambition bear fruit in the creation of an independent insurance brokerage leader in the Middle East and Africa, always at the service of our clients and partners.”

About ASCOMA Group

Building on its 70-year history in Monaco and Africa, ASCOMA has become a leading independent insurance brokerage firm in Sub-Saharan Africa, and partner to the world’s leading insurance brokers.

The group has pioneered the evolution of the insurance brokerage and health management fields in Africa, having been the first mover on third-party payment solutions in the market. The group's history dates back to 1896, when it launched its first insurance brokerage firm in Paris. Since then, the group has grown to global heights, and solidified its position as an insurance leader in French-speaking African markets.

Today, ASCOMA counts 700 employees in 21 countries across 21 subsidiaries with in-depth local knowledge and expertise. Based in Paris, Ascoma International is the group’s international operations coordination center for customers, subsidiaries, and correspondent offices. Pactilis, headquartered in Casablanca, offers health management solutions for companies and insurers.

About Chedid Capital Holding

A financial holding company, Chedid Capital  is a leading investment group in the insurance and reinsurance fields. The group, operates in 45 countries across Europe, the Middle East, Africa, and most recently Pakistan and the South East of the Indian continent via its Beirut, Casablanca, Jeddah, Doha, Dubai, Khobar, Limassol, London, Port Louis, Riyadh and Sharjah offices. Its subsidiary, Chedid Re, a Lloyd’s official broker, is among the 20 largest reinsurance brokers in the world.

Through Chedid Foundation, the group is also heavily involved and invested in communal and social development, and engages in youth development and education in the insurance and reinsurance fields through the Chedid Academy. Under its partnership with higher education councils and stakeholders, the group also founded CRMI (Corporate Risk Management Institute) in 2019.

 

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