Business

UK firm finalises acquisition of Kenyan insurer

UK firm finalises acquisition of Kenyan insurer

UK global insurance solutions provider Linkham Group has completed the acquisition of Resolution Insurance Kenya.

The acquisition of the general insurance firm, at an undisclosed price, was awaiting approval from regulators and is set to inject resources to “revamp and refuel” the insurer’s growth.

Kenya is now Linkham Group’s third country of operation in the continent after South Africa and Mauritius.

Resolution Insurance was founded by businessman Peter Nduati in 2002, who was retained as chief executive.

The company started out as Resolution Health, a medical insurer, and changed to Resolution Insurance in 2013 as it expanded into East Africa.

It has since grown into a tier-two underwriter offering various products from medical plans, travel plans, liability plans, property covers, motor covers and all other classes of general insurance.

The group includes Resolution Insurance Kenya, Resolution Tanzania and Resolution Credit.

“The Linkham Group confirms that we have completed the acquisition of Resolution Insurance Kenya,” said Linkham Group Chief Executive Michael Cranfield.

“As part of the acquisition, we are committing to invest in the business and have consequently appointed Peter Nduati to spearhead management and business growth efforts with immediate effect.” 

Linkham Group will acquire a majority stake in Resolution Insurance after agreeing to buy 100 per cent of the equity holding of LeapFrog Investments.

In 2014, Leapfrog spent over Sh2 billion to buy a majority stake in the insurer.

Mr Cranfield added that plans were at an advanced stage to boost the insurer’s operating potential through the integration of robust information technology systems while focusing its business portfolio on growth lines.