The board of directors of Ascoma Assureurs Conseils (ASCOMA), insurance advisory and brokerage company has announced the appointment of Mr Farid Chedid as the company's new chairman and Group CEO.
Mr Chedid is the founder, CEO and chairman of the Chedid Capital Holding group of companies (Chedid Capital) who established in two decades one of the region’s premier insurance and reinsurance groups present across the Middle East, Africa, Southeast Asia and parts of Europe.
The move follows a deal by Chedid Capital to acquire 80% of ASCOMA’s insurance brokerage business in Africa. ASCOMA is a French group based out of Monaco and currently runs a network of 23 subsidiaries and 780 employees across 21 African countries with the Paris office handling international operations.
Commenting on his appointment as chairman and group CEO of ASCOMA, Mr Chedid said: “It is with great honour that I take the lead as chairman and group CEO of an extraordinary group that started its journey 70 years ago, and today stands as one of the leading independent insurance broking networks in French-speaking Africa.”
He also said, “Our diversities are a source of wealth and in a very uncertain world. ASCOMA can count on Chedid Capital resources to continue offering to its clients and stakeholders the best services.”
Mr Herve Husson, the previous chairman of ASCOMA, will assume his role as part of the board of directors. The Husson family continues to hold a 20% stake in the company’s shares and will support the development of ASCOMA under the new leadership. ASCOMA's operations were established as early as 1952 in Madagascar by the Jutheau-Husson family.
Mr Husson, referring to the acquisition deal, said, “The ASCOMA group is developing considerably both in terms of size and technical skills while acquiring a new dimension that will further support its business journey. My family is very happy to remain a shareholder of ASCOMA and looks positively to the exciting partnership with Farid Chedid and his teams. This allows us to participate in crafting a new chapter for the company while maintaining the precious connection we have with all the directors and employees of ASCOMA, as well as with the entire African continent”.
Founded in 1998 by Mr Chedid, Chedid Capital has grown over two decades into a global investment group in insurance, reinsurance and financial services. The group's development has been carried out mainly through its subsidiaries Chedid Re, City Brokers, Chedid Insurance Brokers Network, Chedid Corporate Solutions, Seib Insurance and Reinsurance, Momentum Insurance and most recently with two new entities: E-Darat, a digital platform in human resources launched in Dubai and, in partnership with the London Risk Management Institute, the Corporate Risk Management Institute (CMRI) in Beirut, Doha and Dubai.