Morocco's Holmarcom Group, through its holding company "Holmarcom Insurance Activities", has signed an agreement for a majority stake in the Kenyan insurance company, The Monarch Insurance.
This agreement was signed by Mr Mohamed Hassan Bensalah, CEO of the Holmarcom Group, and Mr Hon Jared Kangwana, CEO of the Kenyan group, Kamu, according to a statement issued by Holmarcom. The value of the deal was undisclosed.
Subject to obtaining the necessary regulatory approvals, Holmarcom Insurance Activities will become the majority shareholder of the company, holding 51% of the capital, alongside two other Kenyan shareholders, namely Kamu Group and Maisha Bank.
The Monarch offers life and non-life insurance services. It has operated in Kenya for over 40 years. The company has a team of nearly 130 employees and a large distribution network which includes, in addition to agents and brokers, 12 branches covering the whole country.
Relying on a long and rich experience in insurance and on expertise in the Moroccan market, the Holmarcom Group will help accelerate the growth of The Monarch with the objective of making it a major player in the insurance sector in Kenya.
Through this equity investment, the Holmarcom Group confirms its development ambitions in the insurance sector, particularly in sub-Saharan Africa, by targeting countries with strong local and regional potential.
Apart from Morocco, the privately held Holmarcom Group is also present in Senegal, Côte d’Ivoire, and Benin. Holmarcom is engaged in finance, insurance, agribusiness, distribution, logistics and real estate.
The deal follows the strategic reorganisation of Holmarcom's finance division in July 2019, and the creation of the holding company Holmarcom Insurance Activities to acquire stakes in the insurance and reinsurance sector. In Morocco, Holmarcom merged in 2020 two insurance companies, Sanad and Atlanta, to create a new company.