LeapFrog Set To Acquire East African Health Insurance Firm For $18m
Friday, November 21, 2014
LeapFrog Investments and Resolution Insurance announced today, that LeapFrog intends to invest $18.7 million for a majority stake in Resolution Insurance, through its holding company, Resolution Health East Africa Limited.
The specialist investor seeks to push Resolution’s broader growth strategy, thereby facilitating the delivery of diversified insurance to emerging consumers and businesses in East Africa.
The deal, which is undergoing final regulatory process, marks the company’s second investment in Kenya. It is therefore a reflection of its long standing commitment to East Africa, a region it views as an attractive investment destination.
The Kenyan non-life insurance market is growing rapidly at 20 percent per annum, with a strong health insurance sector expanding at 38 percent annually. This move therefore presents LeapFrog with a major opportunity to extend access to health and diversified insurance to millions of consumers across East Africa.