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Monarch Insurance has announced its deal with the Holmarcom Group through its holding company, Holmarcom Insurance Activities, for the acquisition of a majority stake. The agreement was signed between Mr. Jared Kangwana, Chairman and CEO of Kamu Group, and Mr. Mohamed Hassan Bensalah, Chairman and CEO of Holmarcom.
The acquisition is subject to approvals by Kenya’s Insurance Industry regulator, the Insurance Regulatory Authority and the Competition Authority of Kenya. After the necessary approvals, Holmarcom Insurance Activities will become the majority shareholder of the company with a stake of 51%, along with Kamu Group and Maisha Bank.
The Monarch Insurance is a composite insurance company and has been operating in Kenya for over 40 years. The company has about 130 employees and a large distribution network that includes agents, brokers and 12 branches countrywide.
Moroccan firm buys 51pc stake in Monarch Insurance
Summary
Moroccan conglomerate Holmarcom Group, through its holding company, Holmarcom Insurance Activities, has acquired a majority stake in Kenya’s Monarch Insurance.
The firms said Monday the agreement which is subject to certain closing conditions, including regulatory approvals in Kenya is expected to see Holmarcom Insurance Activities become the majority shareholder of the company with a stake of 51 percent.
Tuesday May 25 2021
Monarch Insurance Company board chairman Mr Richard Omwela (left) and chief executive Stephen Okundi. FILE PHOTO | NMG
By BRIAN NGUGI
Summary
Moroccan conglomerate Holmarcom Group, through its holding company, Holmarcom Insurance Activities, has acquired a majority stake in Kenya’s Monarch Insurance.